The ratings took into account the strong position of ICICI Bank, which is the second largest (after SBI) in the country, low operating costs and the extensive corporate relationships, an Icra release said.
Icra also factored in the management strength evidenced in successful coversion of ICICI Ltd into a universal bank by reverse merger into ICICI Bank.
The credit rating agency also gave an outstanding LAAA rating to the ICICI Banks long-term debt and the subordinated debt programmes.
In another exercise, Icra retained the adequate safety rating of LA(SO) to Punjab State Electricity Boards two series of structured bond obligation bonds for Rs 500 crore.
The rating agency said risk factors were more variable and greater in periods of economic stress and the protective factors were average, added, any adverse change in the circumstances may alter the fundamental strength and affect the timely payment of principal and interest.
The retention of the rating for both the bond series Series I rated in December 1996 and Series II rated in July 1997 factored in the unconditional guarantee from Government of Punjab to meet repayment obligations, Icra said.