ICRA Limited has reaffirmed the credit ratings for ICICI Bank’s various debt instruments, including Basel III Tier II bonds, Basel III Tier I bonds, infrastructure bonds, and long-term bonds. The rating outlook remains stable. ICRA also withdrew ratings for infrastructure bonds and Basel II Lower Tier II bonds that have been fully redeemed. The ratings reflect ICICI Bank’s strong market position, robust capitalization, and healthy asset quality.
Ratings Reaffirmed for Key Instruments
ICRA Limited reaffirmed its [ICRA]AAA (Stable) rating for ICICI Bank’s issuer rating. This action impacts several of ICICI Bank’s debt instruments, ensuring investors of the bank’s continued financial strength and stability. The ratings were officially reaffirmed on October 30, 2025.
Details of Reaffirmed Ratings
The credit ratings reaffirmed include:
- Basel III Tier II bonds: [ICRA]AAA (Stable) for ₹10,000.00 crore
- Basel III Tier I bonds: [ICRA]AA+ (Stable) for ₹5,000.00 crore
- Infrastructure bonds: [ICRA]AAA (Stable) for ₹54,239.00 crore
- Long-term bonds: [ICRA]AAA (Stable) for ₹40.41 crore
- Fixed deposits: [ICRA]AAA (Stable)
- Certificates of deposit: [ICRA]A1+ for ₹50,000.00 crore
These ratings reflect ICICI Bank’s strong position as one of the three systemically important banks in India.
Ratings Withdrawn
ICRA withdrew the rating of [ICRA]AAA (Stable) assigned to the ₹2,261 crore infrastructure bonds and the ₹1,479 crore Basel II Lower Tier II bonds, as these instruments have been fully redeemed. The withdrawal of these ratings is in accordance with ICRA’s policy on rating withdrawals.
Factors Supporting the Ratings
The ratings consider the bank’s robust capitalization profile, with a common equity Tier I (CET I) ratio of 16.31% as of June 30, 2025. Healthy asset quality metrics and strong profitability also contribute to the reaffirmed ratings. ICRA anticipates that ICICI Bank will maintain a steady credit profile, supported by its established retail franchise and solvency.
Source: BSE
