Global rating agency, Standard & Poor’s (S&P) has downgraded IDBI Bank’s foreign currency issuer credit rating from ‘BBB-‘ to ‘BB+’ on back of weak asset quality of the bank which is expected to remain feeble through the next 12-18 months. The outlook on the bank’s long-term rating was negative.
The issue ratings on IDBI Bank’s senior debt has been downgraded to ‘BB+’ from ‘BBB-‘, subordinated debt to ‘BB-‘ from ‘BB+’, and junior subordinated debt to ‘B’ from ‘B+’.
IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the bank to offer personalized banking and financial solutions to its clients through its 1,111 branches and 1821 ATMs.
