Fitch affirms IDBI ratings

Fitch Ratings said it affirmed Industrial Development Bank of India's (IDBI) credit ratings after Thursday's announcement of its proposed merger with its commercial banking subsidiary IDBI Bank in an "all-share swap" deal.

This merger was widely expected, and while an in-principle approval was granted by the board of directors of both institutions, the proposal would still require the approval of the respective shareholders of the two institutions as well as the regulator. Other details such as the swap ratio will be decided later.

IDBI's ratings were affirmed as follows with a stable outlook: long-term foreign currency at BB+; short-term foreign currency at B; national long-term at AA+(ind); national short-term at F1+(ind); individual at D/E; and support at 3.

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