Fitch boosts Icici Bank

Fitch Ratings said it upgraded Icici Bank's individual rating to C from C/D.

Fitch noted it also affirmed the remainder of Icici's ratings at long-term foreign currency BB+, short-term foreign currency B and support 3. The outlook is stable.

Fitch said that the upgrade in the bank's individual rating reflects its improved financial condition over the past two to three years.

At the same time, Fitch also expressed some concerns on the bank's explosive growth in consumer loans, which have increased ten-fold during the last three years, but noted such risks are somewhat mitigated due to the continued relatively low levels of penetration in the consumer banking sector in India, the fact that more than 90% of Icici's consumer assets are secured.

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