ICICI Bank – LT FCR Outlook R evised to Positive ; Ratings Affirmed
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Ref: IN04624PBK00-01 30 October 2024
ICICI Bank – LT FCR Outlook R evised to Positive ; Ratings Affirmed
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook on the Long-Term Foreign Currency Rating (LT FCR) of ICICI Bank to Positive from Stable, reflecting an expected improvement in CI Ratings’ internal assessment of sovereign credit risk and the high likelihood of extraordinary support from the government in the event of need. At the same time, CI has affirmed the Bank’s LT FCR of ‘BBB-’, its Short-Term Foreign Currency Rating (ST FCR) of ‘A3’, Bank Standalone Rating (BSR) of ‘bbb-’ with a Stable Outlook, Core Financial Strength (CFS) rating of ‘bbb+’ and Extraordinary Support Level (ESL) of High.
The High ESL is underpinned by its large size (total assets of USD289bn in Q1 FY25 with an 8% share of loans) and domestic systemically important bank…