Moody’s: Icici Bank notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to Icici Bank Ltd.’s proposed dollar-denominated senior unsecured notes issued under its $7.5 billion global medium-term note program.

The drawdown will be carried out from its Dubai International Financial Centre (DIFC) branch, the agency said, and the bonds will be listed on the Singapore Stock Exchange.

The outlook is positive.

The rating on the notes is anchored by the bank’s Baa3 baseline credit assessment, Moody’s said.

Icici Bank’s baseline credit assessment of Baa3 is underpinned by the bank’s solid franchise as India’s largest private sector bank by assets, as well as its strong capitalization, liquidity and earnings profile, the agency said.

Moody’s said it also considers the bank’s challenging domestic operating environment.

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