I note from
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Fitch rating for ICICI: BBB- (Oct 8: this is not expected to change in the near future)
CDS rate for ICICI: 564 (Oct 2).
This rating is the lowest of the 10 investment grade markers and just above 'sub-investment grade' or 'junk' status, which is what Bradford & Bingley was downgraded to before it had to be bailed out by the Government and Banco Santander.
However, the rating has remained stable for the majority of the year and the bank reported a 34% increase in profit after tax to the year end March 2008.
Some people may view ICICI shares as not the cleverest place to invest due to its overall rating, but savings deposits are covered up to £50,000 as the bank has signed up to the Financial Services Compensation Scheme and, unlike some other foreign banks, is fully covered by the UK and not the international passport system.
It has been removed from This is Money's savings tables due to its low credit rating.
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Although deposits with ICICI are protected up to £50k under the UK scheme, anyone with money in that bank who may need to access it urgently, is probably best advised to move it elsewhere!
Ret.