Fitch gives Jammu and Kashmir program AA(ind)

Fitch Ratings said it assigned a national long-term AA(ind) rating to Jammu and Kashmir Bank Ltd.'s INR6 billion lower-tier 2 subordinated debt program.

The outlook is stable.

In an earlier press release, Fitch said it had affirmed Jammu and Kashmir's national long-term rating at AA(ind) with a stable outlook, as well as its individual rating at D and support rating at 4.

The rating on the bank's INR3 billion subordinated debt issues was also affirmed at national long-term AA(ind), the agency said, adding that the ratings reflect Jammu and Kashmir's robust tier 1 capital ratio compared to other Indian banks, state government ownership, systemic importance to the state of Jammu and Kashmir and its strategic shift to lending in the state.

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