Fitch: Dena Bank view to positive

Fitch Ratings said it revised the outlook on Dena Bank to positive from stable and affirmed its national long-term rating at A+(ind). The agency also said it assigned Dena a national short-term rating of F1+(ind) and affirmed its Rs. 20 billion certificates of deposit at F1+(ind), Rs. 4.5 billion subordinated lower tier 2 bonds at A+(ind), Rs. 4.25 billion subordinated upper tier 2 bonds at A-(ind) and Rs. 1.6 billion perpetual tier 1 bonds at A-(ind).

The bank's performance has improved, partly due to the recovery in India's credit environment and the soft interest rate regime in 2010, Fitch said.

But, the agency said it is somewhat weaker than higher-rated government banks.

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