Fitch affirms ICICI Bank's issuer default rating at 'BB+'; outlook negative

The rating agency assigned ICICI Bank a Government Support Rating (GSR) of 'bb+' as well

Fitch Ratings has affirmed private lender ICICI Bank’s long-term issuer Default Rating (IDR) at 'BB+' with negative outlook.

The rating agency also assigned ICICI a Government Support Rating (GSR) of 'bb+'.

Rating for IDR at 'BB+' is support driven and linked to India's sovereign rating (BBB-/Negative).

The Government support rating is one notch below the sovereign, reflecting expectation that there is a moderate likelihood of extraordinary state support to ICICI, if required. This is due to its size and systemic importance, which stem from its large and growing market share.

It had 6.1 per cent share in system assets and