ICRA has upgraded the rating for Rs 35 billion Basel III Compliant Tier I Bonds Programme of ICICI Bank (IBL, or, the bank) to [ICRA]AA+(hyb) (pronounced ICRA Double A plus hybrid) from [ICRA]AA(hyb) (pronounced ICRA Double A). The outlook on the rating is stable.

The letters ''hyb'' in parenthesis suffixed to a rating symbol stand for ''hybrid'', indicating that the rated instrument is a hybrid subordinated instrument with equity-like loss-absorption features; such features may translate into higher levels of rating transition and loss-severity vis-à-vis conventional debt instruments.

ICRA also has an outstanding rating of [ICRA]AAA (pronounced ICRA triple A) with a stable outlook to Rs 220 billion of Lower Tier II Bonds Programme and Rs 350 billion Unsecured Redeemable Long Term Bonds Programme.

ICRA also has an outstanding rating of [ICRA]AAA(stable) to the debts taken over by IBL from the erstwhile ICICI and erstwhile The Bank of Rajasthan (long term bonds of Rs 10.36 billion and sub debt of Rs 1.37 billion).

Further, ICRA also has outstanding ratings of MAAA (pronounced M triple A) with stable outlook outstanding to the Term Deposit Programme and [ICRA] A1+ (pronounced ICRA A one plus) to Rs 500 billion Certificates of Deposit Programme of IBL.

Shares of the bank declined Rs 1.85, or 0.66%, to settle at Rs 278.80. The total volume of shares traded was 765,902 at the BSE (Thursday).