Moody’s gives Baa2 to Icici notes

Moody's Investors Service said it assigned a Baa2 rating to Icici Bank Ltd.’s proposed renmibi-denominated senior unsecured notes, issued under its updated $7.5 billion global medium-term note program.

The drawdown is from its Bahrain branch. The bonds have maturity of three years and will be listed on the Singapore Stock Exchange.

The outlook is stable.

Moody’s said the Baa2 senior unsecured debt rating is anchored on Icici’s baa3 baseline credit assessment and the high likelihood of systemic support in the event of a crisis. The Baa2 rating is at the same level as the foreign currency debt ceiling for India. The bank's foreign currency deposit ratings of Baa3/P-3 are constrained by the sovereign ceiling.

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