CARE revises ratings to Central Bank of India’s various bonds

Credit Analysis & Research (CARE) has revised AA- rating to Central Bank of India’s Lower Tier II Bonds worth Rs 1437.3 crore from AA and A+ rating to Upper Tier II Bonds worth Rs 2285.0 crore from AA-. 

The rating revision takes into account deterioration in asset quality and weak profitability parameters. The rating also factors in the majority ownership and capital support by the GoI, extensive branch network and comfortable CASA base. Continued ownership and support from GoI, asset quality and profitability are the key rating sensitivities.

Central Bank of India has been serving more than 3,50,00,000 account holders through its 4,400 branches, 6 extension counters, 29 Satellite offices, 1,970 ATMs and 2,413 ultra small branches (USBs).