Rating agency ICRA has downgraded various debt instruments of IDBI Bank owing to a significant erosion of its common equity tier 1 (CET 1) capital, following weak financial performance in the quarter ended December. The rating agency has downgraded ratings for the bank’s Rs 8,000 crore infrastructure bonds programme, Rs 230.50-crore flexi-bond series and Rs 25,742.72-crore senior and lower tier-II bonds programme.
The rating agency also lowered the rating for the bank’s Rs 5,000-crore Basel-III compliant tier-II bonds to AA- (hybrid) from AA (hybrid), for the Rs 2,500-crore additional tier-I bonds under Basel-III to A (hyb) from A+ (hyb) and for the Rs 4,286.20-crore upper tier-II and Rs 1,708.80-crore Basel-II compliant perpetual bonds to A+ from AA-.
The rating downgrade takes into account the substantially weak operating and financial performance of the bank during the third quarter of the financial year 2016-17, which has resulted in a significant erosion of the bank’s capital (CET 1).
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.
| Company Name | CMP |
|---|---|
| HDFC Bank | 708.50 |
| ICICI Bank | 1430.00 |
| Axis Bank | 1261.70 |
| Kotak Mahindra Bank | 424.80 |
| Indusind Bank | 986.20 |
| View more.. | |
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