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Fitch lifts, affirms IDBI Bank
Fitch Ratings said it upgraded IDBI Bank Ltd.'s individual rating to C/D from D and affirmed its long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3 and national long-term rating at AA+(ind).
The outlook is stable.
The upgrade of the individual rating reflects continued improvements in the bank's liability profile leading to higher interest margins and profitability metrics, the agency said.
The upgrade is also supported by strengthened capitalization, reflected in the core capital ratio and the bank's strategic shift to focus on enhancing operating performance, rather than on rapid asset growth, the agency said.
IDBI's credit profile, including funding diversity and credit concentrations, remains weaker than other Indian banks rated C/D, the agency noted.
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