Moody's rates Icici Bank note Baa2

Moody's Investors Service said it assigned a Baa2 rating to the senior unsecured debt to be issued by India-based Icici Bank Ltd. through its Singapore branch for an expected amount of $300 million.

The outlook is stable.

The Baa2 rating is the same as India's foreign-currency sovereign debt ceiling and is supported by the bank's improving financial position and rapidly expanding retail franchise, the agency said.

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