Fitch ups Indian Bank

Fitch Ratings said it upgraded Indian Bank's national long-term rating to AA+(ind) from AA(ind).

The outlook remains stable.

The agency said it has simultaneously affirmed Indian Bank's national short-term rating at F1+(ind), its individual rating at C/D and its support rating at 3.

The agency added that it has also taken the following rating actions on the bank's facilities:

• Rs. 3 billion lower tier 2 subordinate debt upgraded to AA+(ind) from AA(ind); and

• Rs. 50 billion certificate of deposit program affirmed at F1+(ind).

Fitch noted that the bank's national long-term and individual ratings reflect its better than banking system average financials while being constrained by its high restructured loan portfolio.

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