Moody’s Investors Service has affirmed the ‘Baa3’ foreign currency senior unsecured debt ratings of ICICI Bank’s Bahrain branch. At the same time, the global rating agency has downgraded the provisional ratings on the foreign currency senior unsecured MTN program for the bank’s Bahrain branch to (P) Ba2 from (P) Baa3, because the foreign currency bond ceiling for Bahrain is now at Ba2.
The branch’s counterparty risk assessment (CRA) has also been downgraded to Ba1(cr)/Not Prime(cr) from Baa3(cr)/P-3(cr), because Moody’s downgraded the local currency country risk ceiling for Bahrain to Ba1.
All other ratings under the MTN program remain unchanged. The outlook on all ratings, where applicable, is stable.
