Moody's upgrades Icici Bank UK

Moody's Investors Service said it upgraded Icici Bank UK plc's subordinated debt and program ratings to Ba1 from Ba2 and to (P)Ba1 from (P)Ba2, respectively.

The agency also affirmed the senior unsecured debt and program ratings at Baa2 and (P)Baa2 and the stand-alone baseline credit assessment of Icici UK at ba1. The adjusted BCA was upgraded to baa3 from ba1.

“The rating action follows the upgrade of Icici Bank Ltd.’s (Icici Bank), Icici UK’s parent, BCA to baa3 from ba1,” Moody’s said in a press release.

The outlook remains stable.

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