India Ratings & Research has upgraded IndusInd Bank’s long-term issuer rating to ‘AA+’ from ‘AA’. The outlook is stable. The agency has also upgraded the bank’s Rs 115 crore (reduced from Rs 290 crore) subordinated Lower Tier 2 bonds to ‘AA+’ from ‘AA’ and its Rs 308 crore subordinated Upper Tier 2 bonds to ‘AA’ from ‘AA-’. Further the rating agency has affirmed the bank’s Short-Term Issuer Rating at ‘A1+’.
Induslnd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Induslnd Bank has 685 branches, and 1,277 ATMs spread across 464 geographical locations of the country. The Bank also has representative offices in London and Dubai.
