S&P: ICICI Bank's senior unsecured notes unaffected by issue upsizing

The rating on the notes reflects the long-term counterparty credit rating on the bank.

Dec 08, 2014 05:12 IST India Infoline News Service

Standard & Poor's Ratings Services said today that its 'BBB-' long-term issue rating on the U.S. dollar-denominated senior unsecured notes by ICICI Bank Ltd. (foreign currency BBB-/Stable/A-3) is not affected by the bank's proposal to upsize the issue. 

The notes will be consolidated with the bank's existing US$500 million 3.50% notes due 2020, which the bank issued on Sept. 18, 2014, such that they form a single series. The rating on the notes reflects the long-term counterparty credit rating on the bank.

The notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of ICICI Bank. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank.

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