Fitch affirms Indian Bank

Fitch Ratings said it affirmed Indian Bank's national long-term rating at AA(ind), national rating of Rs.3 billion subordinated lower tier 2 debt at AA(ind), national short-term rating at F1+(ind) and Rs.40 billion certificates of deposit program at F1+(ind).

The outlook is stable.

The affirmation reflects the bank's strong profitability, capitalization and reasonable liquidity cushion, Fitch said.

Enhanced concentration risks in a deteriorating credit environment and limited income diversity constrain the ratings, the agency said.

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