Moody’s applies Baa3 to Icici notes

Moody's Investors Service said it assigned a Baa3 rating to Icici Bank Ltd.’s (Baa3 stable, ba1) 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 branch, and the bonds will be listed on the Singapore Exchange Securities Trading Ltd.

The outlook is stable.

Moody’s said the senior debt rating of Baa3 incorporates Icici’s baseline credit assessment (BCA) of ba1 and one notch of uplift for systemic support. The BCA factors in strong core profitability, very strong capital levels, and weak asset quality.

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