ICICI Bank Limited has informed the Exchange about Credit Rating
ICICIBANK · price
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Awaiting price reaction for this filing.
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.