S&P rates ICICI notes BBB-

Standard & Poor's said it assigned its BBB- issue rating to ICICI Bank Ltd.'s proposed issue of renminbi-denominated senior unsecured notes.

The rating on the notes reflects the long-term counterparty credit rating on the bank, the agency said.

The proposed notes will constitute direct, unconditional, unsecured and unsubordinated obligations of ICICI Bank. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank.

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