Credit rating agency, ICRA has downgraded the rating of Syndicate Bank’s Basel II Compliant Tier II Bonds programme to ‘AA’ (hybrid) from ‘AA+’ (hybrid). The outlook on the long term rating is Negative.
Instrument with ICRA AA rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
Syndicate Bank is one of the oldest and major commercial banks of India.