ICICI Bank Limited — Credit Ratings, 15-07-2025: Credit Rating

S&P Global Ratings has affirmed ICICI Bank's 'BBB-/Positive/A-3' credit ratings, while upgrading its Stand-Alone Credit Profile (SACP) to 'a-' from 'bbb+'. The outlook remains positive. This upgrade reflects expectations of continued market share gains, sustained improvements in the bank's funding base, and strong digital capabilities. S&P highlighted ICICI's stronger access to stable funding sources, with core deposits making up 86.6% of its total funding, and improved broad liquid assets. This enhanced financial strength and liquidity profile should boost investor confidence and provides greater operational resilience for the bank.