S&P gives Icici Bank notes BBB-

Standard & Poor's said it assigned a BBB- rating to the proposed senior unsecured notes by Icici Bank Ltd., which has foreign-currency BBB- with a stable outlook and A-3 ratings.

The proposed notes will constitute unsecured and unsubordinated obligations of the bank and rank pari passu with all of the bank's unsecured and unsubordinated obligations, S&P said.

The bank will have an option to redeem the notes at any time. The proposed issue will be made through the bank's Hong Kong branch, the agency said.

The proceeds will be utilized for general corporate purposes.

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