Global rating agency Fitch has downgraded ICICI Bank's Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-‘ and its Viability Rating to ‘bb+’ from ‘bbb-‘. The Outlook on the IDR is stable. It has also affirmed ICICI's Support Rating at ‘3’ and Support Rating Floor at ‘BB+’.
BB rating indicates speculative grade while BBB points at good credit quality. The rating action comes as financial health of the private sector banks has weakened amid the challenges the bank faces in its operating environment.
ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.
