Moody's rates ICICI Bank notes Baa3

Moody's Investors Service said it assigned a Baa3 long-term rating to the $300 million unsecured unsubordinated notes maturing in 2010 to be issued by India's ICICI Bank, acting through its Singapore branch.

The outlook is positive.

Proceeds will be used to fund the bank's growth through overseas branches and to provide foreign currency loans to Indian corporations.

This rating is placed at the Baa3 foreign currency sovereign debt ceiling for India and two notches higher than the bank's foreign currency deposit rating of Ba2, which is constrained by the respective country ceiling, the agency said.

Moody's also said that ICICI Bank's performance is in line with the positive outlook assigned to its financial strength rating of D+ in February; the bank's six-month results at the end of September point to a notable financial performance with an increase in core earnings and growth in retail loans and deposits.

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