Fitch affirms Icici Bank

Fitch Ratings said it affirmed Icici Bank Ltd.'s long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3 and support rating floor at BBB-.

The individual rating and support ratings were affirmed at C and 2, respectively.

The agency also affirmed the bank's long-term senior debt rating at BBB- and long-term rating of its perpetual hybrid debt at BB-.

The outlook is stable.

Icici's long-term issuer default rating and individual rating reflect its high capitalization levels, its improved funding profile and a better economic outlook, according to the agency.

This has helped the bank to mitigate late 2008, early 2009 concerns over its refinancing risks, due to its substantial dependence on wholesale borrowings, particularly for its international operations, the agency noted.

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