ICICI Bank sees reaffirmations and withdrawals of ratings from CARE Ratings and ICRA

ICICI Bank Ltd. has announced reaffirmations and withdrawals of ratings across various instruments from multiple agencies, including CARE Ratings Ltd. and ICRA. CARE Ratings reaffirmed ratings on Tier I Bonds at CARE AA+; Stable, Tier II Bonds at CARE AAA; Stable, Infrastructure Bonds at CARE AAA; Stable, and Certificate of Deposit at CARE A1+, while withdrawing ratings for Long-Term Instruments, Lower Tier II Bonds, and other instruments. Additionally, CARE Ratings reaffirmed ratings on Basel-III compliant Additional Tier-I bonds, noting potential for coupon cancellation and write-down/conversion, and highlighted potential rating migration for Subordinated Debt Instruments. ICRA reaffirmed ratings on Facilities/Instruments, and CARE Ratings reaffirmed various debt instruments, factoring in ICICI Bank’s position as a leading private sector bank and its support for subsidiaries, alongside reaffirming ratings for Commercial Papers, Corporate Bonds, Debentures, and Structured Credit.