Moody’s downgrades Icici Bank UK

Moody's Investors Service said it downgraded the long-term deposit and senior unsecured ratings of Icici Bank UK plc, the U.K. subsidiary of Icici Bank Ltd., to Baa1 from A3.

In addition, the agency downgraded the subordinate ratings to Ba1 from Baa3, the junior subordinate program ratings to provisional Ba3 from provisional Ba2 and the adjusted baseline credit assessment (BCA) to ba1 from baa3.

Moody’s also downgraded the long-term counterparty risk assessment to Baa1(cr) from A3(cr) and affirmed the P-2 short-term deposit ratings and P-2(cr) short-term counterparty risk assessment. The BCA was affirmed at ba2.

The outlook was changed to stable from positive.

Moody’s said the action follows the July 24 downgrade of the baseline credit assessment of Icici Bank Ltd. to ba1 from baa3. The outlook was at the same time changed to stable from positive.

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