Moody's rates Icici notes Baa2, ups program

Moody's Investors Service said it assigned a Baa2 rating of Icici Bank Ltd.'s proposed dollar-denominated senior unsecured notes, issued under its $5 billion global medium-term note program through Icici Bank, Dubai International Finance Centre Branch.

The bonds have maturity of 5½ years 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 India's second-largest commercial bank and largest private sector bank by assets, as well as its strong capitalization, liquidity, and earnings profile.

It also takes into consideration the challenging domestic operating environment, which could lead to a further deterioration in the asset quality; high buffers to withstand further asset quality deterioration including strong pre-provision income generation, high loan loss coverage levels and high levels of capitalization; and improvement in core operating performance characterized by improving funding profile and cost-income ratios.

At the same time, Moody's has upgraded the Prime-2 rating of Icici Bank Ltd.'s $350 Million USCP Program to Prime-1. This announcement follows Moody's decision to upgrade the short-term ratings of several U.S. banks, as announced on Nov. 14.

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