Money & Banking

S&P assigns ‘BBB-’rating to ICICI Bank’s unsecured notes issue

PTI Mumbai | Updated on August 14, 2012 Published on August 14, 2012

Global ratings agency S&P has assigned ‘BBB-’ rating to the proposed issue of senior unsecured notes by the country’s largest private sector lender ICICI Bank.

“The rating on these notes reflects the long-term counterparty credit rating on the bank,” S&P said in a note today.

The bank is reportedly mulling to raise up to $1 billion through a bond sale with easing of credit markets and bigger rival SBI managing to collect $1.25 billion through a bond sale last month.

ICICI Bank had last raised $1 billion by way of a bond sale in May 2011 through a 5.5-year fixed rate notes with a coupon of 4.75 per cent.

Other lenders like Indian Overseas Bank and Syndicate Bank have also announced their intention to raise money from global markets.

Published on August 14, 2012

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