S&P affirms Icici

Standard & Poor's said that it had affirmed its A-1+ short-term issue rating to Icici Bank Ltd.'s (foreign currency: BBB-/stable/A-3) $375 million U.S. commercial paper program.

This program is the second that Icici Bank has established and it is supported by a $375 million irrevocable direct-pay letter of credit issued by Bank of America NA (AA/watch negative/A-1+), the agency said.

The A-1+ short-term rating on the program will expire when the letter of credit expires, scheduled for Sept. 30, S&P said, adding that the program size has been reduced from $500 million.

© 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.