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S&P lowers IDBI Bank
S&P said it lowered its long-term foreign currency issuer credit rating on IDBI Bank Ltd. to BB from BB+. The outlook is stable.
At the same time, S&P lowered its issue ratings on the bank's senior unsecured notes to BB from BB+ and affirmed the B short-term rating on IDBI.
“We downgraded IDBI because we expect the bank's asset quality to remain very weak over the next 12 months,” said S&P credit analyst Nikita Anand in a news release. “Our view is based on the bank's customer concentration and a sizable exposure to the highly vulnerable corporate and infrastructure segments.”
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