Fitch affirms Icici Bank

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

The affirmation reflects the bank's steady progress in areas of funding and asset quality and is supported by its robust capitalization levels and strong domestic franchise, Fitch said.

The ratings reflect its systemic importance, implying a high probability of regulatory support in the event of a crisis, the agency said.

The ratings also consider the bank's lower dependence on volatile bulk deposits, which provides better flexibility in managing funding costs, Fitch said.

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