Fitch rates ICICI Bank BB+

Fitch Ratings said it assigned a long-term foreign currency rating of BB+ to ICICI Bank. The outlook is stable.

Fitch also assigned the bank a short-term foreign currency rating of B, individual rating of C/D and support rating of 3.

Fitch said ICICI Bank's ratings reflect its strong management and improved financial condition compared with its earlier incarnation, the Industrial Credit and Investment Corp. of India (or ICICI Ltd.), which was primarily a project financing institution.

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