S&P rates ICICI Bank notes BB+

Standard & Poor's said it assigned its BB+ rating to the proposed $300 million five-year fixed-rate senior unsecured notes due 2010 by India's ICICI Bank Ltd. (BB+/stable/B).

The rating is the same as S&P's long-term counterparty credit rating on ICICI Bank. S&P said this issue constitutes the direct, unconditional and unsecured obligations of ICICI Bank and will rank pari passu with all of the bank's unsecured and unsubordinated obligations, which includes its existing BB+ $300 million senior unsecured notes due 2009, BB+ $300 million senior unsecured notes issue due 2008 and its BB+ $150 million senior unsecured notes due 2007.

Proceeds of this proposed issue are expected be used to meet the general funding requirements for the bank's international operations, the agency said.

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