ICICI Bank’s Ratings Affirmed ; Outlook Revised to Stable
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Summary
Ref: IN04 6 21 CRA 00- 0 1 20 January 2022
ICICI Bank’s Ratings Affirmed ; Outlook Revised to Stable
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has revised the Outlook on the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of ICICI Bank to Stable from Negative , and raised the Core Financial Strength (CFS) rating to ‘bbb’ from ‘bbb-’ . At the same time, ICICI Bank’s LT FCR, Short-Term Foreign Currency Rating (ST FCR) and BSR of ‘BBB-’, ‘A3’ and ‘bb+’ , respectively, have all been affirmed. The Extraordinary Support Level (ESL) remains Hi gh.
The change in the Outlook follows a revision in CI ’ s internal assessment of the creditworthiness of the Indian sovereign on the back of ongoing economic recovery from the Covid shock and an improved international liquidity position. It also reflects our expectation that…