Mumbai: Credit rating agency CARE has reaffirmed its highest safety ratings of AAA and PR1+ assigned to the various long and short-term instruments of ICICI Bank Ltd.

The ratings factors in ICICI Bank's financial strength, strong market position, proactive management, measures taken by the bank to diversify and reduce its loan portfolio risk among others, CARE said in a release in Mumbai on April 15.

The agency also cited ICICI bank's "strong" technology infrastructure, "significant" retail reach and satisfactory capital adequacy for the reaffirmation of the ratings.

CARE said it has taken note of media reports on rumours regarding ICICI Bank's financial position and subsequent withdrawals by depositors, and added the bank had "swiftly" put in place the necessary logistics and administrative support systems to ensure availability of sufficient funds.

The rating agency said the steps taken by the bank and assurance by the regulator have reinforced confidence in ICICI Bank.

Credit rating agency CRISIL had reaffirmed its ratings on ICICI Bank today, after rumours of a liquidity crunch resulted in a panic withdrawal by depositors last week.

PTI