S&P affirms ratings on bonds issued by ICICI Bank’s Bahrain branch

S&P Global Ratings on Monday affirmed its BBB- long-term issue ratings on senior unsecured bonds issued by the Bahrain branch of ICICI Bank and removed the ratings from CreditWatch, where they were placed with negative implications on February 22, 2016.

“At the same time, we raised the Greater China regional scale rating on ICICI Bank’s CNY 600 million 4% bonds maturing 2017 to ‘cnA-‘ from ‘cnBBB+’, and removed it from CreditWatch, where it was placed with developing implications on February 22, 2016,” it said.

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Australian-dollar- and Chinese renminbi-denominated irrevocable and unconditional standby letters of credit (SBLCs) provided by the DIFC branch of ICICI Bank support these bonds.

“We have equalized the ratings on the bonds with the ratings on ICICI Bank. This reflects our opinion that the credit quality of these bonds has improved because we view the SBLC provider as an additional source of repayment and assume that the trustee will deliver the demand notice in time,” S&P said.