Fitch upgrades IndusInd

Fitch Ratings said it upgraded IndusInd Bank Ltd.'s national long-term rating and Rs. 4.85 billion subordinated lower tier 2 debt program to A+(ind) from A(ind) and its Rs. 3.08 billion subordinated upper tier 2 debt program to A-(ind) from BBB+(ind). The F1(ind) national short-term rating, D individual rating and 5 support rating were affirmed.

The outlook was revised to stable from positive.

The agency said the upgrade reflects structural improvements in IndusInd's asset-liability maturity profile wherein fixed-rate consumer finance loans are now largely financed by current and savings account deposits that are less sensitive to rates and retail term deposits with matched average maturities. This has resulted in its financials improving significantly since 2008.

The individual rating and national short-term rating reflect IndusInd's small size and developing retail deposit franchise, Fitch said.

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