ICRA reaffirms highest ratings to ICICI's debt progs

New Delhi, Apr 5 (UNI) Credit rating agency ICRA has reaffirmed the LAAA rating for the Subordinated Debt Programme and the existing Long-Term Bonds Programme of IBL, indicating highest credit quality and lowest credit risk.

ICRA has also reaffirmed the MAAA rating for the bank's term deposit Programme. The rated instruments carry lowest credit risk.

The rating agency has reaffirmed its A1+ to the Rs 0.7 crore Certificates of Deposit Programme of IBL indicating highest safety and lowest credit risk in the short term.

The ratings for the Long-Term and Medium-Term Debts taken over by IBL from ICICI Ltd have also been retained at LAAA with stable outlook and MAAA, respectively.

The ratings take into consideration IBL's strong position in the Indian financial system as the second largest commercial bank, its improving profitability, and its extensive corporate relationships, besides the bank's increasing retail franchise.

The ratings also take into account IBL's improved capitalisation levels following its successful public offerings in the last two years.

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