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Standard & Poor's (S&P) Ratings Services today assigned 'BBB-' long-term issue rating to a proposed issue of Chinese Renminbi-denominated senior unsecured notes by ICICI Bank (foreign currency BBB-/Negative/A-3). The rating on the notes reflects the long-term counter-party credit rating of the bank.
The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of ICICI Bank. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank. The proposed notes will be listed on the Singapore exchange.
The rating on the notes is subject to our review of the final issuance documentation.
