Moody's rates Icici Bank 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 Hong Kong branch.

The notes will not be registered under the United States Securities Act of 1933 and may not be offered or sold within the United States except to qualified institutional buyers, the agency said.

The proceeds will be used by the bank for general corporate purpose. This debt issuance is rated at the same level as India's foreign-currency debt ceiling of Baa2.

The outlook is stable.

The rating is in line with existing ratings assigned to the bank's foreign-currency senior unsecured debt and is derived from its C- bank financial strength rating, which reflects the bank's strong domestic retail and corporate franchise as the second largest commercial bank in India, Moody's said.

The rating also reflects the bank's comfortable liquidity position, strong capitalization levels and satisfactory recurring profitability, the agency added.

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