Credit rating agency, CARE has reaffirmed ‘AA+’ rating to Syndicate Bank’s Basel III Tier II bond issue worth Rs 1500 crore. The rating agency has also reaffirmed ‘AA’ rating to the bank’s Perpetual Bonds worth Rs 773 crore. Further, ICRA has reaffirmed ‘A1+’ rating to Certificate of Deposits of the bank worth Rs 20,000 crore.
The ratings continue to derive strength from the majority ownership by the Government of India (GoI), comfortable capitalization levels, stable asset growth over the years and the bank’s well-diversified credit portfolio.
