Fitch downgrades ICICI Bank rating from BBB- to BB+ amid banking distress

Global rating agency Fitch said Monday it has downgraded ICICI Bank by a notch as financial health of the private sector banks has weakened.

The rating action comes amid the challenges the bank faces in its operating environment, Fitch Ratings said in a statement.

"Fitch Ratings has downgraded ICICI Bank Limited's Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BBB-' and its Viability Rating to 'bb+' from 'bbb-'. The Outlook on the IDR is Stable," it said.

It has also affirmed ICICI's Support Rating at '3' and Support Rating Floor at 'BB+', it said.

BB rating indicates speculative grade while BBB points at good