S&P affirms ICICI Bank's 'BBB-' rating on improved asset quality

As S&P affirms ICICI Bank's BBB rating, an upgrade over the next one to two years is unlikely as that would require an improvement in the bank's financial profile

Affirming ratings for ICICI Bank, global rating agency Standard and Poor’s on Monday said the Indian private sector lender is likely to sustain improvements in asset quality, supported by the country's economic recovery and improved risk management.

It also retained a 'stable' outlook on the rating reflecting the view that ICICI Bank will maintain its strong market position and good capitalisation over the next 12-18 months. It has 'BBB-' long-term rating on the Indian lender.

However, an upgrade of ICICI is unlikely over the next one to two years as that would require an improvement in the bank's financial profile