S&P rates ICICI Bank notes BB

Standard & Poor's said it assigned its BB foreign currency rating to the proposed $300 million fixed-rate notes to be issued by ICICI Bank Ltd. (foreign currency BB/stable/B).

These notes will be issued under the bank's $1 billion medium-term note program, to which S&P assigned its BB senior unsecured debt rating and B+ subordinated debt rating on July 23.

The $300 million fixed-rate notes maturing August 2009 represent the first issue to be made under the bank's MTN program and will be issued through its Singapore branch. Proceeds from the note issue, as well as those from the MTN program, will be used to meet general funding requirements, subject to regulatory approvals.

ICICI Bank is the second-largest full service commercial bank in India.

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