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MUMBAI: Standard & Poor's ratings services on Monday assigned BB+ rating to the proposed $300 million five-year fixed-rate senior unsecured notes issue by ICICI Bank. The notes will mature in 2010.

The rating assigned on the bank's proposed senior unsecured debt is the same as Standard & Poor's long-term counter-party credit rating on ICICI Bank, and is in accordance with its global criteria, said a release from Singapore.

This issue constitutes the direct, unconditional and unsecured obligations of ICICI Bank and will rank pari passu with all of the bank's unsecured and unsubordinated obligations.

(This article was published in the Business Line print edition dated November 8, 2005)
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