International rating agency Moody's Investors Service today upgraded the long-term foreign currency bond ratings of ICICI Bank from the sub-investment grade (BA1) to the investment grade (BAA3). The review follows Moody's decision to upgrade India's debt ceiling to BA1 from BA2. The rating outlook is stable.
With this upgrade, ICICI Bank becomes the only company in the country to make the investment grade.
The upgrade will help the bank tap foreign markets for resources and trade finance activities.
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