S&P ups ICICI Bank notes to BB+, BB

Standard & Poor's said it raised its long-term foreign currency counterparty credit rating on ICICI Bank Ltd. (foreign currency BB+/stable/B) to BB+ from BB. The outlook is stable. The short-term foreign currency B rating on ICICI Bank was affirmed.

S&P also raised the bank's senior unsecured notes to BB+ from BB, senior notes/MTN program to BB+ from BB and subordinated notes/MTN program to BB from BB-.

These rating actions follow S&P's upgrade on the foreign currency sovereign rating on India (BB+/stable/B) to BB+ from BB.

S&P said the rating on ICICI Bank reflects its satisfactory financial profile, which is underpinned by a recovery in underlying profitability, better loan quality and diversification and its strong competitive position in the large consumer finance market.

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