(The following was released by the rating agency)
MUMBAI (Standard & Poor's) Dec. 18, 2012--Standard & Poor's
Ratings Services today said that it has assigned its 'A-1+'
short-term issue rating to the proposed US$300 million U.S.
commercial paper (USCP) program of ICICI Bank Ltd.
(BBB-/Negative/A-3). This program is supported by a US$300
million irrevocable direct-pay letter of credit (LC) issued by
Wells Fargo Bank N.A. (AA-/Negative/A-1+).
The LC is in favor of the depository for the benefit of CP
holders. The LC is subject to New York's law and the provisions
of the Uniform Customs and Practice. ICICI Bank will issue the
USCPs through its overseas branches in Hong Kong, Bahrain, and
The USCPs constitute direct, unconditional, unsubordinated,
and unsecured obligations of the bank, and will rank equally
with all of the bank's unsecured and unsubordinated obligations.
As the USCP holders will be paid directly by Wells Fargo on the
maturity dates, the notes bear the credit risk of Wells Fargo.
The 'A-1+' rating on this program is therefore equivalent to the
short-term counterparty credit rating on Wells Fargo.
The rating on the program will change if the short-term
counterparty credit rating on Wells Fargo changes or the
transaction structure materially changes. The termination date
of the program is Dec. 17, 2013. The proceeds from the proposed
program shall be used for general corporate purposes.
The rating on the program is subject to our review of the
final issuance documentation.