S&P boosts Industrial Development Bank of India

Standard & Poor's said it raised its long-term foreign currency counterparty credit rating on Industrial Development Bank of India Ltd. (IDBI) to BB+ from BB and affirmed the B short-term rating.

The outlook is positive.

S&P said the rating upgrade on IDBI reflects its expectation that the government will provide extraordinary support to IDBI if it is in distress situations because of its quasi-policy role.

The positive outlook on IDBI reflects improvement in its stand-alone credit profile, the agency noted, adding that IDBI has demonstrated, albeit with government assistance, that it has been able to build a sustainable commercial banking operation after its restructuring.

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