Moody's cuts ICICI Bank UK's ratings

Global rating agency Moody's has said the longterm debt and bank deposit ratings for ICICI Bank UK, the British subsidiary of top Indian private sector lender, have been revised to a notch lower to bring it in line with the baseline credit assessment of the parent company.

While affirming the bank financial strength rating (BFSR) and a stable outlook on all ratings, Moody's said in its rating action note that the long-term bank deposit and senior unsecured debt ratings for ICICI Bank UK are being changed from Baa1 to Baa2, which is similar to the Indian parent's senior debt rating.

Moody's said that the current BFSR incorporates "a certain degree of volatility in earnings, which could potentially arise from the bank's large securities holdings".

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