ICICI Bank offers an unconditional stand-by facility

Mumbai, July 15: ICICI Bank has offered an unconditional and irrevocable stand-by facility up to a maximum of Rs 10 crore for the 90-day Rs 10 crore Commercial Paper Programme of Shyam Telelink Limited.

Fitch Ratings has assigned a National Short-term rating of 'F1+(ind)(SO)' to the INR100 million commercial paper ('CP') programme of Shyam Telelink Limited ('STL'), based on the support from ICICI Bank, according to a press release from ICICI.

The stand-by facility will remain in force as long as any tranche of the CP issued under this facility is outstanding.

Fitch believes that ICICI Bank's domestic debt rating is adequate to support the rating of Shyam Telelink's CP programme.

In terms of total assets, ICICI Bank is the second-largest bank in India. As on 31 March 2006, the Bank's capital adequacy stood at 13.35 per cent (Tier 1 at 9.20 per cent) while its net non-performing assets ratio was 0.71 per cent, the release added.

UNI