Moody's: Icici Bank bonds Baa2

Moody's Investors Service said it assigned a provisional Baa2 rating to the senior unsecured fixed-rate bonds to be issued by Icici Bank through its Dubai branch and under its $5 billion medium-term notes program.

This specific issue will be a 51/2-year paper maturing in November 2016, although the exact amount has yet to be finalized, Moody's said.

The proceeds will be used for general corporate purposes in accordance.

The rating is at the same level as India's foreign-currency debt ceiling of Baa2 with a stable outlook.

The rating also is in line with existing ratings assigned to Icici Bank's foreign-currency senior unsecured debt and is 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, the agency said.

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