SINGAPORE (Standard & Poor's) Nov. 26, 2012--Standard &
Poor's Ratings Services said today that its 'BBB-' issue rating
on the U.S. dollar-denominated senior unsecured notes by ICICI
Bank Ltd. (foreign currency BBB-/Negative/A-3) is not affected
by the bank's proposal to upsize the issue.
The notes will be consolidated with the 4.70% notes due Feb.
21, 2018, issued on Aug. 21, 2012, to form a single series. The
rating on the notes reflects the long-term counterparty credit
rating on the bank. The proposed notes will constitute direct,
unconditional, unsecured, and unsubordinated obligations of
They shall at all times rank at par among themselves and
with all other unsecured obligations of the bank.
The rating on the notes is subject to our review of the
final issuance documentation.