( Sukuk.net - Bahrain Tribune) Global credit rating agency Standard & Poor's yesterday kept the ratings unchanged on India's largest private bank, ICICI Bank's $375 million US Commercial Paper programme. The borrowing programme is supported by a $375-million irrevocable direct-pay letter of credit issued by Bank of America, S&P said in a statement. The bank would be issuing latest short term paper through its overseas branches in Bahrain, New York and Hong Kong. As the US Commercial Paper (USCP) holders would be paid by Bank of America on the maturity dates, they bear the credit risk of the US lender. Hence, the rating on this programme is equivalent to the short-term counter-party credit rating on Bank of America, it said. It will have a maximum tenor of 360 days and proceeds from this issue are expected to be used for general corporate purposes, it added. The short-term rating on the paper would expire when the letter of credit expires, scheduled for September 30, 2009, it said, adding, the programme size has been reduced from $500 million. The paper constitute unsecured obligations of ICICI Bank and ranks equally with all of the bank's unsecured and unsubordinated obligations. [END] ` omar1.1 mfn
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