(The following statement was released by the rating agency)
Nov 14 - Standard & Poor’s Ratings Services said today that its ‘BBB-’ issue rating on the renminbi-denominated senior unsecured notes by ICICI Bank Ltd. (foreign currency BBB-/Negative/A-3) is not affected by the bank’s proposal to upsize the issue. The notes will be consolidated with the 4.90% notes due 2015, issued on Sept. 21, 2012, to form a single series. The rating on the notes reflects the long-term counterparty credit rating on the bank.
The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of ICICI Bank. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank.
The rating on the notes is subject to our review of the final issuance documentation.