MUMBAI, India - ICICI Ltd. (NYSE:IC), the parent company of ICICI Bank, which operates one of the largest private ATM networks in India, has been given a vote of confidence by international credit rating agency Moody's Investor Service.
Moody's on Jan. 14 upgraded the company's long-term foreign currency rating from Ba2 to Ba1. The Ba1 rating places the company one notch above the sovereign rating for India. ICICI is currently the only Indian company that has a higher rating than its sovereign rating.
"We believe that the rating action is an affirmation of ICICI's inherent financial strength and focused business strategy," K.V. Kamath, ICICI managing director and chief executive officer, said in a news release.
As of Sept. 30, 2001, ICICI had 396 branches and a network of 601 ATMs.
