S&P lowers IDBI Bank to junk

Standard & Poor's said it lowered its foreign currency issuer credit rating on IDBI Bank Ltd. to BB+/B from BBB-/A-3.

The outlook on the long-term rating is negative.

S&P also lowered the issue ratings on the bank's senior debt to BB+ from BBB-, subordinated debt to BB- from BB+ and junior subordinated debt to B from B+. At the same time, S&P lowered its long-term Asean regional scale rating and Greater China regional scale rating on the bank's outstanding senior debt by one notch to axBBB and cnBBB, respectively.

"We downgraded IDBI because we expect the bank's asset quality to remain weak over the next 12-18 months," said S& P credit analyst Amit Pandey in a news release.

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