Brickwork reaffirms rating of Andhra Bank’s various bonds

Credit rating agency, Brickwork Ratings has reaffirmed ‘AA+’ rating to Andhra Bank’s Upper Tier - II Bonds (3 issues worth Rs 1000.00 crore) and Innovation Perpetual Debt Bonds worth Rs 200.00 crore. The rating indicates high degree of safety reg., timely servicing of financial obligations. Such instruments carry very low credit risk.

The rating agency has also reaffirmed ‘AAA’ to company‘s Subordinated Debt Bonds (VIII issue worth Rs 320 crore), indicating highest degree of safety reg., timely servicing of financial obligations. Such instruments carry lowest credit risk. Further, the rating agency has revised the outlook for the rating from ‘Stable’ to ‘Negative’.

The bank has reported 15.20% fall in its net profit at Rs 257.08 crore for third quarter ended December 31, 2012 as compared to Rs 303.17 crore for the same quarter in the previous year. However, total income of the bank has increased by 9.50% at Rs 3469.21 crore for quarter under review as compared to Rs 3168.26 crore for the quarter ended December 31, 2011.