Moody's rates Icici notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Icici Bank Ltd.'s proposed Chinese renminbi-denominated senior notes issued under its $5 billion global medium-term note program through Icici Bank, Dubai International Finance Centre Branch. The bonds have a tenor of up to three years. The rating carries a stable outlook.

The agency said Icici Bank's baseline credit assessment of baa3 on the long-term scale captures the bank's solid franchise as the largest private sector bank and third-largest commercial bank in India as well as its strong capitalization, liquidity and earnings profile.

The ratings also reflect the bank's high borrower concentration in the form of its mandatory government securities portfolio, its weaker asset quality when compared to its Indian private-sector peer banks and the difficult operating environment currently prevailing in India, including the intense competition it faces in its domestic markets, Moody's said.

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