Moody's rates Icici bonds Baa2

Moody's Investors Service said it assigned a Baa2 rating to the dollar-denominated senior unsecured fixed-rate bonds to be issued by Icici Bank Ltd. through its Bahrain branch.

This debt issuance is rated at the same level as India's foreign-currency debt ceiling of Baa2 with a stable outlook.

Proceeds will be used for general corporate purpose.

"The rating is derived from Icici Bank's C- bank financial strength rating, which reflects the bank's standalone financial strength, which is mainly based on its strong domestic retail and corporate franchise as the second largest commercial bank in India," Nondas Nicolaides, a Moody's vice president, said in a statement.

"The rating also reflects the bank's comfortable liquidity position, strong capitalization levels, as well as its satisfactory recurring profitability driven by robust fee income comprising more than 34% of the bank's total income in the first six months of the fiscal year ending March 2010."

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