Global ratings agency S&P has assigned ‘BBB-’ rating to the proposed issue of senior unsecured notes by the country’s largest private sector lender ICICI Bank.
“The rating on these notes reflects the long-term counterparty credit rating on the bank,” S&P said in a note today.
The bank is reportedly mulling to raise up to $1 billion through a bond sale with easing of credit markets and bigger rival SBI managing to collect $1.25 billion through a bond sale last month.
ICICI Bank had last raised $1 billion by way of a bond sale in May 2011 through a 5.5-year fixed rate notes with a coupon of 4.75 per cent.
Other lenders like Indian Overseas Bank and Syndicate Bank have also announced their intention to raise money from global markets.