ICRA reaffirms ICICI's long term debt ratings

The Investment Information and Credit Rating Agency (ICRA) has reaffirmed the LAAA rating indicating highest safety to the various outstanding long term bond issues of ICICI. The rating agency has also reaffirmed the A1 plus rating to the short term debt (including commercial paper) programmes of ICICI. The ratings take into consideration the eminent position of ICICI in the Indian financial sector, its comfortable capital adequacy and the relatively low NPA levels. The institution has been able to register strong credit growth and growth in fee-based income by leveraging on its relationships in the corporate sector.

ICICI is a premier financial institution with an asset base of about Rs. 75,000 crores. In view of the significant risks in project finance business, ICICI, in the last few years, embarked on a strategy of transforming itself from a project finance institution to a group providing a whole range of financial services. It has significantly increased its disbursements to corporate and retail finance, thus reducing its exposure to project finance in the manufacturing sector.

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Section  : Business
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