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 Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR remains Positive and Stable, respectively.

The LT FCR Outlook was revised to Positive from Stable in October 2024, reflecting an expected improvement in CI’s internal assessment of sovereign credit risk and the high likelihood of extraordinary support from the government in the event of need. The high ESL is underpinned by the Bank’s large size with total assets of USD300bn in H1 FY25 (which ends in March 2025), its strong market share (~8%), and the government’s good track record of helping banks in need. ICIC Bank is…