CRISIL reaffirms stable rating for ICICI Bank debt instruments

The rating agency said ICICI Bank's exposure to the Videocon group is 'in itself not material in the context of its outstanding loan book or capital'

Rating agency CRISIL on Friday reaffirmed AAA/Stable rating for ICICI Bank's debt instruments, amid the controversy over alleged conflict of interest in the bank's loan to Videocon.

The rating agency said the bank's exposure to the Videocon group is "in itself not material in the context of its outstanding loan book or capital." The account has already been classified as a non-performing asset (NPA) with sizeable provisioning by the bank, and any additional provisioning or even write-offs for that account are not likely to impact the bank's credit risk profile.

CRISIL will also monitor developments on the Videocon investigation and watch out