The Standard Poor’s Ratings Services today said that it has assigned its ‘A-1+’ short-term issue rating to the proposed $300 million US commercial paper (USCP) programme of ICICI Bank Ltd. This programme is supported by a $300 million irrevocable direct-pay letter of credit (LC) issued by Wells Fargo Bank N A (AA-/Negative/A-1+).
The letter of credit (LC) is in favour of the depository for the benefit of CP holders. The LC is subject to New York’s law and the provisions of the Uniform
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