S&P gives Icici Bank notes BB+

Standard & Poor's said it assigned its BB+ issue rating to the proposed senior unsecured, five-year, fixed-rate dollar notes to be issued by Icici Bank Ltd. (foreign currency BB+/positive/B), acting through its Singapore Branch.

These notes are being issued under the bank's multi-currency $1 billion medium-term note issuance program, the agency said, adding that the senior notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the bank and will rank pari passu with all of the bank's unsecured and unsubordinated obligations and ahead of all subordinated debt issues.

The issue proceeds will be used to meet the funding requirements of Icici Bank's international operations and for general corporate purposes, subject to regulatory approvals, according to S&P.

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