S&P revises ICICI Bank outlook to stable from negative
Singapore, June 18 (ANI): S&P Global Ratings on Friday revised its rating outlook on ICICI Bank Ltd to stable from negative.
ANI
Jun 18, 2021 17:31 IST
Singapore, June 18 (ANI): S&P Global Ratings on Friday revised its rating outlook on ICICI Bank Ltd to stable from negative.
It affirmed BBB-minus long-term and A-3 short-term issuer credit ratings on the bank. It also affirmed BBB-minus long-term issue rating on ICICI Bank's senior notes.
"We revised the rating outlook to reflect our view that ICICI Bank will maintain its strong capital position over the next 24 months," said S&P.
The bank will benefit from the sale of stake in subsidiaries and gradual normalisation of earnings which should reduce risks associated with its capital position, it added.
S&P forecast ICICI Bank will maintain a risk-adjusted capital ratio of more than 10 per cent over the next 24 months.
The expectation factors in 13 to 14 per cent credit growth for the bank, an improvement in earnings, and sale of stake in insurance subsidiaries over the period.
An upgrade of ICICI Bank is unlikely in the next one to two years because that would require an improvement in the bank's financial profile as well as the sovereign credit rating on India, said S&P. (ANI)
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