S&P Lowers Rating of Bonds Issued by ICICI, HDFC Bank in Yuan

New Delhi: Global rating agency Standard and Poor's (S&P) on Friday lowered the rating of bonds issued by ICICI Bank and HDFC Bank in Yuan.

The rating has been lowered from 'cnA-' to 'cnBBB+' , Standard and Poor's said in a statement.

"We have lowered the Greater China regional scale ratings on the bonds following the launch of our new national and regional scale mapping tables," it said.

The foreign currency rating on the host sovereign caps view of creditworthiness of the branches.

Both the banks had issued bonds from their respective Bahrain branches.

ICICI Bank had raised 600 million Yuan while HDFC Bank mopped up 150 million Yuan.