ICICI Bank ’s Ratings Affirmed

Ref: IN04 6 2 3 CRA 00- 0 1 19 January 202 4

ICICI Bank ’s Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign Currency Rating ( LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of ICICI Bank at ‘BBB-’ and ‘A3’, respectively. At the same time, CI Ratings has affirmed the Bank Standalone Rating (BSR) of ‘bbb-’, Core Financial Strength (CFS) rating of ‘bbb+’ , and the Extraordinary Support Level (ESL) of High. The Outlook on the LT FCR and BSR remains Stable.

ICICI Bank’s LT FCR does not get any uplift from the High ESL since the BSR is already aligned with CI’s internal assessment of the Indian government’s creditworthiness. The likelihood of the Bank receiving assistance from the government in the event of need is high given its large size and D-SIB status (as deemed by the Reserve Bank of India (RBI), the Indian…