Moody's cuts ICICI Bank UK debt ratings

Moody's Investors Service said it downgraded Icici Bank UK plc's senior unsecured debt ratings to Baa2 from Baa1 and subordinated debt rating to Ba2 from Ba1.

“The one-notch downgrade of the senior unsecured debt ratings to Baa2 from Baa1 and subordinated debt rating to Ba2 from Ba1 reflects the evolution of the liability structure of the bank. The repayment without replacement of the outstanding subordinated debt with $150 million maturing in November 2020 will result in a reduction in subordination protecting deposits and senior unsecured debt as well as reducing the volume of the subordinated debt class itself,” Moody’s said in a press release.

The outlook remains negative in line with the outlook on its parent Icici Bank Ltd., the agency said.

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