S&P assigns ‘BBB-‘rating to ICICI Bank’s bond programme

20 May 2011 Evaluate

Global rating agency Standard & Poor's (S&P) has assigned 'BBB-' rating to ICICI Bank’s bond programme. The rating indicates investment grade to proposed overseas bond issuance programme of the bank. The bank proposes to issue bonds of unspecified amount under existing $5 billion medium-term notes programme. The notes will have a tenor of 5.5 years and will be issued through the bank's Dubai branch.

The bank will use the proceeds garnered from this issue to fund its international operations and for general corporate purposes, subject to regulatory approval. The senior notes constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank, and shall at all time similar to all other unsecured obligations.

Besides, ICICI Bank, India's largest private sector bank has introduced Money2SriLanka (M2SL), an online cross-border money transfer facility in partnership with Sampath Bank PLC.

The bank’s net profit for the quarter ended March 31, 2011 has surged by 44.40% at Rs 1452.11 crore as compared to Rs 1005.57 crore for the quarter ended March 31, 2010. Its total income has increased by 13.98% at Rs 8797.12 crore for the quarter under review from Rs 7717.82 crore for the corresponding quarter of the previous year. 

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