Standard & Poor's Ratings Services today assigned its 'BBB-' long-term issue rating to a proposed issue of Australian-dollar-denominated senior unsecured notes by ICICI Bank (foreign currency BBB-/Negative/A-3). 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 ICICI Bank. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank. The proposed notes will be listed on the Singapore exchange.

The rating on the notes is subject to our review of the final issuance documentation.

Shares of the bank gained Rs 6.2, or 0.49%, to trade at Rs 1,263.10. The total volume of shares traded was 118,169 at the BSE (12.47 p.m., Thursday).