Credit rating agency, India Ratings and Research, a unit of FITCH Ratings, has assigned the ratings to the proposed issue of Basel III compliant of Corporation Bank. The agency has assigned ‘AA-’ with stable outlook to additional Tier-1 Bond issue of Rs 500 crore with Green Shoe Option of Rs 500 crore.
Further, the agency has also assigned ‘AA+’ rating with stable outlook for Tier-2 Bond of Rs 250 crore with Green Shoe Option of Rs 250 crore of the bank.
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. Overall, the Bank has a wide network of over 9,000 centres across India, including 2,061 branches, 2,599 ATMs and 4,349 branchless banking units.
