ICICI Bank’s Ratings Affirmed
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Ref: IN04 6 20 CRA 00- 0 1 25 January 2021
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 ICICI Bank’s Bank Standalone Rating (BSR) of ‘ bb+ ’, Core Financial Strength (CFS) rating of ‘ bbb- ’ and Extraordinary Support Level (ESL) of High . The Outlook for the LT FCR and BSR remains Negative , in line with CI’s internal assessment of India’s sovereign credit risk .
The Bank’s LT FCR is set one notch above the BSR to reflect the high likelihood of extraordinary support from the government in case of need. The Bank’s ESL of High is underpinned by its strong domestic presence and large balance sheet. In addition, i t is one of only three banks…