ICICI Bank gets Care AAA rating
By Our Banking Bureau | 15 Dec 2004
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Mumbai: Rating agency Credit Analysis and Research Ltd (CARE) assigned the 'Care AAA' rating to ICICI Bank's proposed Rs4,000 crore unsecured bond issue. It also reaffirmed the Triple-A rating assigned to the various outstanding debt instruments of ICICI Bank Ltd (IBL). CARE also reaffirmed the 'PR1+' [PR-one plus] rating assigned to ICICI Bank's Certificate of Deposit programme. These are the highest ratings assigned to long / medium term and short term instruments respectively. IBL, presently India's second largest commercial bank in terms of assets, was promoted in 1994, jointly by ICICI (75 per cent) and SCICI Ltd (25 per cent). In 2002, ICICI Ltd and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd, were merged with IBL in an all-stock deal.
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