JAKARTA: Standard & Poor's Ratings Services said today that it had assigned its A-1 short-term issue rating to the proposed US$545 million U.S. commercial paper (USCP) program of ICICI Bank Ltd. (BBB-/Stable/A-3). In a press statement obtained by Bisnis today, this program is supported by a US$545 million irrevocable direct-pay letter of credit issued by Bank of America N.A. (BofA; A+/Negative/A-1).The USCPs constitute direct, unconditional, unsubordinated, and unsecured obligations of the bank, and will rank pari passu with all of the bank's unsecured and unsubordinated obligations. As the USCP holders will be paid directly by BofA on the maturity dates, the notes bear the credit risk of BofA. The A-1 rating on this program is therefore equivalent to the short-term counterparty credit rating on BofA.The rating on the program will change if the short-term counterparty credit rating on BofA changes or the transaction structure materially changes. The USCPs will have a maximum tenor of 360 days. The proceeds from the proposed program shall be used for general corporate purposes.ICICI Bank will issue the USCPs through its overseas branches in Hong Kong, Bahrain, and New York. (wiw)

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