ICICI Bank’s Ratings Affirmed; Outlook for BSR Revised to Positive

16 January 2026

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

Rating Drivers

The upgrade in the Outlook for the BSR is driven by an upward revision of the Operating Environment Risk Anchor (OPERA) to ‘bbb-’, from ‘bb+’, coupled with an expected improvement in CI’s internal assessment of sovereign credit risk. The latter factor also underpins the Positive Outlook on the Bank’s LT FCR, which is in line with our internal assessment of India’s creditworthiness.

The BSR and LT FCR are both…