Moody's lowers ICICI Bank UK

Moody's Investors Service said it downgraded the long-term debt and deposit ratings of ICICI Bank UK plc to Baa3 from Baa2, the short-term rating to P-3 from P-2, the subordinated rating to Ba1 from Baa3 and the junior subordinated rating to hybrid Ba2 from hybrid Ba1.

The outlook is stable.

Moody's said the action follows the bank financial strength rating downgrade of its parent bank, India's ICICI Bank Ltd., to D+/Baa3 from C-/Baa2, taken in the context of an ongoing global review of banks whose standalone ratings are higher than the rating of the government where they are domiciled.

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