Global credit rating agency, Moody’s Investors Service has downgraded IDBI Bank’s local and foreign currency bank deposit ratings to B1 from Ba2, citing reduction in the amount of extraordinary government support incorporated into the Bank’s ratings and its weak standalone credit profile.
The rating agency has also downgraded the foreign currency senior unsecured debt rating of the Bank to B1 from Ba2. Further, Moody’s has downgraded the foreign currency senior unsecured MTN programme rating of IDBI Bank to (P) B1 from (P) Ba2.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.
