Fitch withdraws select Indian banks' ratings
Fitch Ratings has affirmed and simultaneously withdrawn the Individual and Support Ratings of select Indian banks.
July 12, 2011 / 16:46 IST
(The following statement was released by the ratings agency)
Fitch Ratings has affirmed and simultaneously withdrawn the Individual and Support Ratings of select Indian banks.These ratings are no longer considered by Fitch to be relevant to its coverage. The agency will however continue to maintain National ratings of these banks.Union Bank of India's 'BBB-' Long-Term Issuer Default Rating (IDR) and Support Rating Floor have also been affirmed and withdrawn. Fitch will no longer provide ratings or analytical coverage of Corporation Bank.A full list of all ratings actions is provided belowAllahabad Bank (ALLB)- National Long-term Rating: 'AA(ind)'; Outlook Positive- Subordinated lower tier 2 debt rating: 'AA(ind)'- Individual Rating affirmed at 'C/D'; rating withdrawn- Support Rating affirmed at '3'; rating withdrawnAndhra Bank (ANBA)- National Long-Term rating: 'AA+(ind)'; Outlook Stable- National Short-Term rating: 'F1+(ind)'- Subordinated lower Tier 2 debt rating: 'AA+(ind)'- Short-term certificates of deposit rating: 'F1+(ind)'- Individual Rating affirmed at 'C/D'; rating withdrawn- Support Rating affirmed at '3'; rating withdrawnCatholic Syrian Bank Ltd. (CSB)- National Long-Term rating: 'BBB(ind)'; Outlook Stable- Subordinated lower tier 2 debt rating: 'BBB(ind)'- Individual Rating affirmed at 'D/E'; rating withdrawn - Support Rating affirmed at '5'; rating withdrawnCity Union Bank Ltd. (CUB)- National Long-Term rating: 'A(ind)'; Outlook Positive- Subordinated lower tier 2 debt rating: 'A(ind)'- Individual Rating affirmed at 'D'; rating withdrawn- Support Rating affirmed at '5'; rating withdrawnCorporation Bank (CORP)- Individual Rating affirmed at 'C/D'; rating withdrawn- Support Rating affirmed at '3'; rating withdrawnDena Bank (DENA)- National Long-Term rating: 'AA-(ind)'; Outlook Stable- National Short-Term rating: 'F1+(ind)'- Subordinated lower tier 2 debt rating: 'AA-(ind)'- Subordinated upper tier 2 debt rating: 'A-(ind)'- Perpetual tier 1 debt rating: 'A-(ind)'- Short-term certificates of deposit rating: 'F1+(ind)'- Individual Rating affirmed at 'D'; rating withdrawn- Support Rating affirmed at '3'; rating withdrawnDevelopment Credit Bank Limited (DCB)- National Long-Term rating: 'BBB(ind)'; Outlook Stable- Subordinated lower tier 2 debt rating: 'BBB(ind)'- Individual Rating affirmed at 'D/E'; rating withdrawn- Support Rating affirmed at '5'; rating withdrawn Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
