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S&P Global Ratings on Friday lowered its rating on ICICI Bank’s standalone credit rating to ‘BBB—’ from ‘BBB’ as it expects the bank’s asset quality to remain under pressure for the next 12 months. The rating major expects ICICI Bank’s credit costs to remain high because of continued pressure on asset quality, given the tough operating conditions for capital intensive corporate sectors in India. The stock may come under pressure.
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