ICICI Bank financial condition adequate: Fitch
Thursday November 20, 2008 03:08:00 EST

(RTTNews) - Fitch Ratings, one of the three largest global credit rating agencies, on Wednesday, affirmed its 'BBB-' grade on ICICI Bank's long-term foreign currency issuer default Rating (IDR), but cautioned that the individual rating might be downgraded if the bank's asset quality deteriorates significantly.

ICICI Bank's individual rating and support ratings were also retained at 'C' and '2', respectively, although both these ratings face the risk of downward revision. The bank's short-term foreign currency IDR at 'F3' and support rating floor at 'BBB-' also remained unchanged.

Fitch, in a release, said that the bank's individual rating may be downgraded if its asset quality, which is already showing signs of weaknesses, deteriorates significantly more than ant (continued...)