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S&P might lower IDBI Bank
S&P said it placed its BB long-term and B short-term foreign currency issuer credit ratings on IDBI Bank Ltd. on CreditWatch with negative implications.
The agency also placed the issue ratings on the bank's senior unsecured debt on CreditWatch with negative implications.
“We placed the ratings on CreditWatch due to uncertainty regarding the bank's ability to meet its regulatory capital requirement over the next few months,” S&P said in a news release.
“A deal with Life Insurance Corp. of India (LIC) could resolve the capital breach, but the transaction is still pending due diligence, and the quantum and timing of any potential investment is unknown.”
The agency said it could lower the rating if the bank is unable to restore its capital position in a timely fashion.
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