CARE Reaffirms PR1+ Rating To CD Programme Of ICICI Bank

CARE has assigned ‘PR1+ [PR One Plus]’ rating to the Certificate of Deposit programme of ICICI Bank Ltd. (IBL) for an enhanced limit of Rs.25,000 crore with a maturity upto one year. Instruments with this rating would have strong capacity for timely payment of short-term debt obligations and carry lowest credit risk.The rating factors in IBL’s strong market position, resource raising ability, significant retail reach, strong technology infrastructure, comfortable capital adequacy, proactive management and the measures taken by IBL to diversify and reduce its credit portfolio risk. IBL’s continuing ability to maintain asset quality of its fast growing retail portfolio and satisfactorily resolve residual legacy exposures inherited from erstwhile ICICI Limited are the key rating sensitivities.