ICICI gets highest credit rating on its Rs 15,000cr COD prog

New Delhi, Aug 31 (UNI) Credit rating agency ICRA today assigned an A1+ rating, indicating highest credit quality, to the Rs 15,000 crore Certificates of Deposit (COD) programme of ICICI Bank Ltd (IBL).

The bank also has ratings of LAAA and MAAA from ICRA outstanding for its long-term debt and fixed deposits programmes.

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

With a presence in the banking, insurance, asset management, investment banking and private equity sectors, the ICICI Group is a large player in the Indian financial system.

ICICI Bank reported net profits of Rs 620 crore on assets of Rs 2,66,300 crore and a regulatory capital adequacy of 12.46 per cent for the first quarter ending June 30, 2006 in FY07.

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