S&P Global Ratings has revised its rating outlook on ICICI Bank to stable from negative.

"We affirmed our 'BBB-' long-term and 'A-3' short-term issuer credit ratings on the India-based bank. We also affirmed our 'BBB-' long-term issue rating on ICICI Bank's senior notes," the credit ratings agency said in a statement.

S&P Global Ratings has revised the rating outlook to reflect its view that ICICI Bank will maintain its strong capital position over the next 24 months. The bank will benefit from the sale of stake in subsidiaries and gradual normalization of earnings, which should reduce risks associated with its capital position.

The ratings agency has forecasted that ICICI Bank will maintain a risk-adjusted capital (RAC) ratio of more than 10% over the next 24 months. Its expectation factors in 13%-14% credit growth for the bank, an improvement in earnings, and sale of stake in insurance subsidiaries over the period.