ICICI Bank ’s Standalone Rating Raised ; Foreign Currency Ratings Affirmed
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Ref: IN04 6 2 2 CRA 00- 0 1 20 January 202 3
ICICI Bank ’s Standalone Rating Raised ; Foreign Currency Ratings Affirmed
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has raised the Bank Standalone Rating (BSR) of ICICI Bank to ‘bbb-’ from ‘bb+’ and the Core Financial Strength (CFS) rating to ‘bbb+’ from ‘bbb’. At the same time , CI Ratings has affirmed the Bank’s Long-Term Foreign Currency Rating ( LT FCR) and Short-Term Foreign Currency Rating (ST FCR) at ‘BBB-’ and ‘A3’ , respectively. The Extraordinary Support Level ( ESL ) of High has also be en affirmed . The Outlook on the LT FCR and BSR remains Stable.
The upward revision of the BSR and CFS rating are underpinned by the continuing improvement in the Bank’s key financial parameters which we believe are sustainable. Stronger underwriting standards have improved credit quality, while…