India Ratings & Research has affirmed IDBI Bank’s long-term issuer rating at ‘AA+’ with a stable outlook and its short-term issuer rating at ‘A1+’. The bank has received the said rating affirmation on the back of continued strong support from the government of India (GoI), given its position as India’s tenth largest bank in terms of assets and GoI’s track record in supporting the bank.
Recently, Global rating agency, Standard & Poor’s (S&P) 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.
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.
