S&P: Icici on watch

Standard & Poor's said it had placed its A-1 short-term issue rating on the U.S. commercial paper program of Icici Bank Ltd. (foreign currency BBB-/negative/A-3) on Creditwatch with negative implications.

The Creditwatch placement follows the placement of the counterparty credit rating on Bank of America NA (A+/watch negative/A-1) on Creditwatch with negative implications, the agency added.

According to S&P, BofA supports the program through an irrevocable $375 million direct-pay letter of credit, and as BofA will directly pay the program holders on the maturity dates, the commercial papers bear the credit risk of BofA and are rated equivalent to the short-term counterparty credit rating on BofA.

The ratings on all the other issues of Icici Bank are not affected by this rating action, the agency said.

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