IDBI Bank has informed that CRISIL has vide their e-mail dated January 07, 2019 removed its rating on the Upper Tier II bonds (under Basel II) and Tier I Perpetual bonds (under Basel II), hereafter referred to as hybrid instruments, of IDBI Bank from Watch with Developing Implications and assigned a Stable outlook on the same. The ratings on the Tier II bonds (under Basel III), Infrastructure bonds, Lower Tier II bonds (under Basel II), Omni bonds and Flexi bonds have been reaffirmed at CRISIL A+/Stable while the ratings on the fixed deposits programme and the certificate of deposits programme have been reaffirmed at FAA/Stable and CRISIL A1+ respectively. The rationale for revision in ratings is due to infusion by LIC of Rs 14,500 crore (Tranche 1) of capital through a preferential issue in IDBI Bank, significantly improving its current capital ratios.
The above information is a part of company’s filings submitted to BSE.
