Fitch revises IndusInd rating downward
Fitch Ratings has revised the ratings outlook on IndusInd Bank (“IBL”) to negative from stable. At the same time, the agency has also assigned an `A(ind)’ national long-term rating to IBL’s Rs 50 crore upper Tier II bonds with a negative outlook, ...
By TNN |
MUMBAI: Fitch Ratings has revised the ratings outlook on IndusInd Bank (“IBL”) to negative from stable. At the same time, the agency has also assigned an `A(ind)’ national long-term rating to IBL’s Rs 50 crore upper Tier II bonds with a negative outlook, reports Our Bureau.
The revision in outlook reflects the reduction in the capital adequacy ratio (CAR) of the bank. IBL’s regulatory CAR fell to 9.8% in June ‘06 (March ‘06: 10.5%, Tier 1: 6.8%) and its equity to assets ratio (4.5% in June ‘06; 4.9% in March ‘06) is the lowest in the national rating category among Indian banks rated by Fitch.
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