S&P downgrades Icici Bank stand-alone rating

S&P said it lowered the stand-alone credit profile of Icici Bank Ltd. to BBB- from BBB, and affirmed its BBB- long-term and A-3 short-term foreign-currency issuer credit ratings.

The outlook is stable.

The agency also said it affirmed the ratings on the bank's outstanding senior unsecured notes and Basel II compliant tier 2 hybrid notes.

The ratings reflect the bank’s strong business position supported by good business diversity and satisfactory capitalization and funding, the agency said.

The ratings also consider its weakening asset quality, which led to the stand-alone rating downgrade, S&P explained.

The bank's asset quality is expected to remain under pressure over the next 12 months as credit costs remain high due to tough operating conditions for capital intensive corporate sectors in India, the agency said.

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