l.s schreef:
TEXT-S&P release on Fortis Bank SA/NV,ICICI Bank Ltd USCP
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Mon Jul 28, 2008 3:11pm IST Email | Print | Share| Single Page[-] Text [+]
(The following statement was released by the ratings agency)
July 28 - Standard & Poor's Ratings Services today lowered its short-term issue credit rating on ICICI Bank Ltd.'s (ICBK.BO: Quote, Profile, Research) US$300 million U.S. commercial paper (USCP) program to 'A-1' from 'A-1+'. This action follows Standard & Poor's downgrade of the rating on Fortis Bank SA/NV (FOR.BR: Quote, Profile, Research) (Fortis Bank) on July 17, 2008, to 'A+/A-1' from 'AA-/A-1+'.
The issue is supported by an irrevocable US$300 million direct-pay letter of credit issued by Fortis Bank. As the USCP holders shall be paid directly by Fortis Bank on the maturity dates, they bear the credit risk of Fortis Bank and were rated equivalent to the short-term counterparty credit rating on Fortis Bank (see article titled "India ICICI Bank's U.S. Commercial Paper Backed By Fortis Bank Rated 'A-1+'," published Feb. 14, 2006, on RatingsDirect). Hence, the downgrade of Fortis Bank rating triggered the downgrade of the issue. The ratings on all the other issues of ICICI Bank (foreign currency BBB-/Stable/A-3) are not affected by this rating action.