SINGAPORE (Standard&Poor's) Feb. 2, 2005--Standard&Poor's Ratings Services today raised its long-term foreign currency counterparty credit ratings on State Bank of India (SBI; BB+/Stable/B) and ICICI Bank Ltd. (ICICI Bank; foreign currency BB+/Stable/B) to 'BB+' from 'BB'. The short-term foreign currency 'B' ratings on SBI and ICICI Bank were affirmed. The outlook on both banks is stable. These rating actions follow Standard&Poor's upgrade on the foreign currency sovereign rating on India (BB+/Stable/B; see "Research Update: Long-Term FC Rating On India Raised To 'BB+'; Outlook Stable," published Feb. 2, 2005, on RatingsDirect, Standard&Poor's Web-based credit research and analysis system, at www.ratingsdirect.com) to 'BB+' from 'BB'. The rating upgrade reflects India's improved external position, supported
