Fitch affirms ICICI Bank ratings

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New Delhi, November 19: : Deterioration in ICICI Bank's financial profile notwithstanding, Credit rating agency Fitch on Wednesday retained various ratings on the country's largest private lender as the bank's overall financial condition still remains strong.

"Although the bank's financial profile has weakened over the past year or so, and its performance has been affected by rising provisions in both its loans and investment portfolio, its overall financial condition still remains adequate," Fitch Ratings said in a statement here.

The agency has affirmed ICICI Bank's long-term foreign currency issuer default rating (IDR) at BBB- and short-term foreign currency IDR at F3, indicating relatively low to moderate credit risk.

Fitch has also retained its support rating floor at BBB-.Support rating measures whether the bank will receive external support if it gets into difficulties.

The agency has also affirmed its long-term senior debt rating at BBB- and long-term rating of its perpetual hybrid debt and Upper Tier 2 subordinated debt at BB.

It further said that the long-term outlook is stable.

Senior debt is a form of debt that takes priority over other debt securities sold by the issuer.

These ratings may be downgraded if the bank's asset quality, which is already showing signs of weakness, deteriorates significantly more than anticipated, at this current juncture," the release added.