Fitch affirms ICICI Bank rating with negative outlook

November 30, 2021 14:14

Fitch Ratings has affirmed ICICI Bank's ratings at 'BB+' with a negative outlook and retained the lender's viability rating at BB.

The negative outlook comes despite the agency recently revising upwards the operating environment outlook of domestic banks to stable from negative, citing better than expected recovery in business and economic activity following the COVID-19 second wave.

Economic momentum and regulatory measures should support modest improvements in the domestic banks' financial profiles over the next 12-24 months, even though challenges remain the agency said in a late Monday note.

Listing the key rating drivers, the agency said ICICI's long term rating of 'BB+' is support driven and linked to India's sovereign rating (BBB-/Negative).

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