ICICI Bank Limited has informed the Exchange about Credit Rating
ICICIBANK · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.5 pts less than Nifty 100 and 0.3 pts less than its Private Sector Bank peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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On July 15, 2025, S&P Global affirmed ICICI Bank's long-term issuer credit rating at BBB- and short-term rating at A-3, retaining a Positive outlook. The bank's stand-alone credit profile (SACP) was revised upward from 'bbb+' to 'a-', driven mainly by an upgrade in its funding and liquidity assessment from 'Adequate' to 'Strong'. S&P highlighted ICICI's core deposits at 86.6% of funding, a CASA ratio of 41.8%, and broad liquid assets at roughly 29% of total assets as key strengths. Weak loans (NPLs plus restructured) are expected to nudge up to 1.9%-2.0% over the next 12 months from about 1.8% as of March 2025, though still better than the sector average. The issuer rating remains capped by India's sovereign rating of BBB-/Positive, so any further upgrade to ICICI depends on an upgrade to India's sovereign rating.
Positive for shareholders — the upgrade in the stand-alone credit profile and the funding/liquidity score reflects stronger fundamentals, better depositor base, and improved resilience. Since the headline rating is already at the sovereign ceiling, incremental stock-price impact from a rating upgrade is limited unless India's sovereign rating moves up.