Moody's gives Icici program Baa3/P-3

Moody's Investors Service said it assigned a provisional Baa3 long-term rating and a provisional P-3 short-term rating to the HK$5 billion certificate of deposit program of Icici Bank Ltd.

At the same time, Moody's assigned a Baa3 rating to its drawdown of a S$12 million one-year fixed-rate certificates of deposit maturing in September 2014.

The outlook is stable.

Icici is acting through its Hong Kong branch with this program.

The provisional Baa3 and provisional P-3 ratings on the certificate of deposit program of Icici's Hong Kong Branch are the same as the foreign currency long-term and short-term bank deposit rating of Icici.

The ratings are anchored on the long-term and short-term bank deposit ratings, which are constrained by India's foreign currency deposit ceiling (Baa3/P-3). This is below the foreign currency bond ceiling of Baa2.

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