Fitch affirms IDBI Bank

Fitch Ratings said it has affirmed IDBI Bank Ltd.'s long-term foreign currency issuer default rating at BBB- and affirmed its short-term foreign currency issuer default rating at F3.

The bank's support rating and the support rating floor have been affirmed at 2 and BBB-, respectively, and the national long-term rating has been affirmed at AA+(ind) while the national short-term rating is affirmed at F1+(ind), Fitch noted.

At the same time, the agency said it has downgraded IDBI's Individual rating to D from C/D and simultaneously downgraded the bank's Rs. 15 billion upper tier 2 subordinated bond program rating to AA-(ind) from AA(ind).

Fitch said it has downgraded the Individual rating because the agency believes that the deterioration in the credit cycle could cause IDBI's performance to continue to lag behind better positioned Indian banks for longer than expected.

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