Friday, November 7, 2008

Moody's reaffirms ICICI Bank ratings with stable outlook

International credit rating agency Moody's on Monday assigned ICICI Bank the highest baseline credit assessment for any Indian bank, while re-affirming all its existing ratings for the bank with a stable outlook.

While noting that all its ratings for ICICI Bank 'carry a stable outlook,' Moody's said the deposit and debt ratings, which continue to factor in imputed systemic support as earlier, remain unchanged, while its baseline credit assessment (BCA) has been revised from Baa1 to Baa2, which is highest for BCA level assigned to Indian banks.

'Moody's view that ICICI Bank's BCA should be aligned to the same level as rated peers, takes into account the challenges faced by it in maintaining its strong earnings profile, its good asset quality as well as its capacity to refinance its foreign currency funding needs in the current difficult global markets,' said Nondas Nicolaides, lead analyst at Moody's for the bank.

When contacted, the bank officials said the change in BCA is mainly because of the overall macroeconomic scenario prevailing in the country. To read more, please, visit - NDTV

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