Fitch Ratings has placed IDBI Bank’s Viability Rating (VR) of ‘ccc’ on Rating Watch Evolving. The rationale given by Fitch Ratings is that the Bank’s standalone creditworthiness could improve or deteriorate beyond the new modifier rating levels, depending on its ability to meet its stated goals to restore capital to satisfactory levels.
The rating agency believes that an upward VR movement by at least one notch (including to a higher rating category) is more probable than a downgrade by one notch or to ‘f’ in light of the progress seen thus far. The bank’s other ratings are unaffected by this rating action.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.
