• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Mumbai, July 28

International rating agency, Standard & Poor’s, lowered its short-term issue credit rating on ICICI Bank’s $ 300 million US commercial paper (USCP) program to ‘A-1’ from ‘A-1+’.

ICICI Bank’s CP issue is supported by an irrevocable $300 million direct-pay letter of credit issued by Fortis Bank. On July 17, S&P downgraded the rating on Fortis Bank to ‘A+/A-1’ from ‘AA-/A-1+’. As the USCP holder s shall be paid directly by Fortis Bank on the maturity dates, they bear the credit risk of Fortis Bank and were rated equivalent to the short-term counterparty credit rating on Fortis Bank, said the release. –

Our Bureau

More Stories on : Credit Rating | Private Banks | Credit Market | ICICI Bank Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Australian financial sector keen to expand in India

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line