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 exact amount and maturity of the issuance has yet to be decided and the bank can exercise an optional redemption of the notes at any time, the agency added.

The bonds will be governed by the laws of New York state and listed on the Singapore stock exchange, Moody's said. The proceeds will be used for general corporate purposes. This debt issuance is rated at the same level as India's foreign-currency debt ceiling of Baa2 with a stable outlook. The rating is subject to a review of final documents.

The rating is in line with existing ratings assigned to Icici Bank's foreign-currency senior unsecured debt and is derived from its C- bank financial strength rating, which reflects the bank's stand-alone financial strength underpinned by its 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 driven by robust fee income comprising more than 36% of the bank's total income during the fiscal year ending March 2010, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.