Moody's ups ICICI Bank view to positive

Moody's Investors Service said it changed the outlook of ICICI Bank's D+ financial strength rating and its Baa3 foreign currency senior debt rating to positive from stable.

The bank's foreign currency deposit rating of Ba2, which is constrained by the respective country ceiling, and its subordinated debt rating of Baa3 remain unchanged with stable outlook.

Moody's said the outlook change takes into account the bank's improving financial position and its dynamic and successful penetration into the Indian retail market where it has managed to capture a significant share of this profitable business. Retail loans and customer deposits now constitute the bulk of ICICI Bank's balance sheet and have been instrumental in gradually improving the bank's profitability and its overall credit risk profile.

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