TEXT-S&P assigns 'BBB-' rating to ICICI Bank's proposed notes

(The following statement was released by the ratings agency)

Nov 19 - Standard & Poor's Ratings Services said today that it had assigned its 'BBB-' issue rating to the proposed senior unsecured notes by ICICI Bank Ltd. (ICBK.BO: Quote, Profile, Research) (foreign currency BBB-/Negative/A-3).

The proposed notes would have the following features:

-- They will constitute unsecured and unsubordinated obligations of the bank.

-- They will rank pari passu with all of the bank's unsecured and unsubordinated obligations.

-- They will rank ahead of all subordinated debt issues.

-- The tenor will be for five years.

-- The notes would be listed on the Singapore Exchange.

-- The notes have not been registered under the Securities Act and may be sold only to "qualified institutional buyers" in compliance with Rule 144A under the Securities Act. In addition, the notes may also be sold outside the U.S. to non-U.S. persons under regulation S of the Securities Act.