Moody's rates Icici notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Icici Bank Ltd., acting through its Dubai branch, proposed public issuance of Singapore dollar-denominated senior unsecured notes up to S$250 million under its $5 billion global medium-term note program.

The bonds will have a seven-year maturity and will be listed on the Singapore Stock Exchange.

The outlook is stable.

Moody's said the ratings capture the bank's solid franchise as the second largest commercial bank in India as well as its strong capitalization, liquidity and earnings profile.

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