S&P cuts Icici

Standard & Poor's said it lowered its short-term issue credit rating on Icici Bank Ltd.'s $300 million U.S. commercial paper program to A-1 from A-1+.

This action follows S&P's downgrade of the rating on Fortis Bank SA/NV on July 17 to A+/A-1 from AA-/A-1+.

The agency added that the issue is supported by an irrevocable $300 million direct-pay letter of credit issued by Fortis Bank, adding that as the holders shall be paid directly by Fortis Bank on the maturity dates, they bear the credit risk of Fortis Bank and were rated equivalent to the short-term counterparty credit rating on Fortis Bank.

According to S&P, the ratings on all the other issues of Icici Bank (foreign currency BBB-/stable/A-3) are not affected by this rating action.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.