Moody’s gives Icici Bank notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Icici Bank Ltd., Dubai Branch's (Baa3, positive) proposed Regulation S dollar-denominated senior unsecured notes, issued under its $7.5 billion global medium-term note program.

The bonds will have a maturity of 5˝ years and will be listed on the Singapore Stock Exchange.

The outlook on the ratings, where applicable, is positive.

The Baa3 foreign currency senior unsecured medium-term note debt rating is anchored on Icici Bank Ltd.’s baa3 baseline credit assessment (BCA).

“Icici's BCA of baa3 is underpinned by the bank's solid franchise as one of India's largest private sector banks, as well as its strong capitalization, liquidity, and earnings profile,” Moody’s said in a news release.

“It also takes into consideration the bank's high buffers to withstand further asset quality deterioration including strong pre-provision income generation, high loan loss coverage levels and high levels of capitalization, improvement in core operating performance and a funding profile supported by customer deposit base.”

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