Credit rating agency, CRISIL has downgraded its rating on Central Bank of India’s Lower Tier II Bonds (under Basel II) to ‘AA/Stable’ from ‘AA+/Stable’ and on Tier I Perpetual Bonds and Upper Tier II Bonds (under Basel II) to ‘AA/Negative’ from ‘AA+/Stable’. Further, the rating on the bank’s certificates of deposit programme has been reaffirmed at ‘A1+’.
The ratings downgrade reflects the expected weakening in the bank’s credit profile because of continued sharp and sustained deterioration in the bank’s asset quality and earnings profile.
Recently, CARE reaffirmed AA rating to Central Bank of India’s Lower Tier II Bonds worth Rs 1,437.30 crore and AA- rating to Lower Tier II Bonds worth Rs 2,285.00 crore.
Central Bank of India has been serving more than 3,50,00,000 account holders through its 4,118 branches, 6 extension counters, 29 Satellite offices, 1,970 ATMs and 2,413 ultra small branches (USBs).
