ICICI Bank's overseas loss not to hit rating: Fitch

International rating agency Fitch on Saturday said the $264-million loss suffered by ICICI Bank on overseas investments will not affect its credit rating. "The provisioning requirements disclosed by ICICI Bank for mark-to-market (MTM) losses on its international investments portfolio is unlikely to impact the bank's capital ratios in any significant manner or affect its credit ratings," Fitch said. ICICI, earlier in the week, revealed that the bank along with its subsidiaries, accounted for a $189-million MTM loss till December 2007, which further increased by $74 million by January 31. The losses, Fitch said, reflect the widening credit spreads in the international markets, with a greater impact on ICICI's $2.2 billion credit derivatives portfolio compared to its fixed income portfolio. The overseas investments were acquired as part of ICICI's international business thrust and formed 15 per cent of the consolidated total investment portfolio at March end 2007, it added.