S&P: Bahrain branches of HDFC, Icici on watch

Standard & Poor’s said it placed the BBB- long-term issue rating on senior unsecured bonds issued by the Bahrain branches of HDFC Bank Ltd. and Icici Bank on CreditWatch with negative implications.

The agency also said it placed the BB long-term issue rating on Icici Bank’s Basel II compliant hybrid instrument issued by the Bahrain branch on CreditWatch with negative implications.

S&P said it placed on CreditWatch with developing implications the cnBBB+ Greater China regional scale issue rating on HDFC Bank’s ¥150 million 4.30% bonds maturing 2018, and Icici Bank’s ¥600 million 4% bonds maturing 2017.

The CreditWatch follows the downgrade of the long-term sovereign credit rating on Bahrain to BB. The foreign-currency rating on the host sovereign caps our view of the creditworthiness of the bank branches.

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