Credit rating agency, CRISIL has reviewed the credit ratings in respect of the Bonds assigned to Corporation Bank. The credit rating agency has reaffirmed the ‘AAA’ rating in respect of Lower Tier-II Bonds (under Basel II), revising the outlook to Negative from Stable, and downgraded its rating on the bank’s Tier-I Perpetual Bonds and Upper Tier-II Bonds (both under Basel II) to ‘AA+/Negative’ from ‘AAA/Stable’.
Besides, the ratings on the bank’s Fixed Deposit Programme and Certificate of Deposit Programme have been re-affirmed at ‘FAAA/Stable’ and ‘CRISIL A1+’ respectively.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. As on March 31, 2013, the bank has 1707 branches and 1425 ATMs.
