S&P affirms Icici Bank program

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

At the same time, the agency said it removed the issue rating from Creditwatch, where it was placed with negative implications on May 6.

The agency added that the affirmation of and Creditwatch action on the U.S. commercial papers of Icici Bank follow its affirmation of the counterparty credit rating on Bank of America NA (A+/stable/A-1) and its removal from Creditwatch with negative implications on May 8.

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