Fitch upgrades Indusind Bank

Fitch Ratings said it upgraded Indusind Bank Ltd.'s national long-term rating and Rs. 4.85 billion of lower tier 2 subordinated debt to AA-(ind) from A+(ind), its Rs. 3.08 billion of upper tier 2 subordinated debt to A(ind) from A-(ind) and its national short-term rating to F1+(ind) from F1(ind).

The outlook is stable.

The agency said the upgrade reflects the bank's strong capitalization, proven track record of asset quality management and profitability that is driven by its strong fees-income profile and above-systemic-average interest margins.

Indusind Bank's ratings factor in its small size and deposit base, due to which support to government banks and larger private banks would gain precedence, Fitch noted.

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