Relief: Moody's reaffirms ICICI rating

A day after it downgraded the credit rating of the country's largest lender State Bank of India (SBI), global ratings major Moody's on Wednesday re-affirmed its rating for ICICI Bank, the country's largest private sector lender. HT reports.

A day after it downgraded the credit rating of the country's largest lender State Bank of India (SBI), global ratings major Moody's on Wednesday re-affirmed its rating for ICICI Bank, the country's largest private sector lender. The bank had a robust liquidity, capitalisation and earnings profile, it said in a statement.

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"Moody's believes that the probability of systemic support for ICICI Bank is high, given its sizeable retail deposit franchise as well as its importance to the national payment system as the second-largest commercial bank," the ratings agency said.

It maintained a rating of C- for ICICI Bank.

A C rating denotes "adequate intrinsic financial strength."

"In addition, strong capitalisation, liquidity and earnings profile support the rating," the rating agency said.