Fund based Bank Limits from '[ICRA] BBB' to '[ICRA] BBB-'; Long Term Bonds (including Subordinated Debt) from '[ICRA] BBB' to '[ICRA] BBB-'; Bonds / NCD (Public Issue) from '[ICRA] BBB' to '[ICRA] BBB-'. The outlook on these Long Term Ratings is negative.
The rating on Short Term Instruments Commercial Paper has been revised from '[ICRA] A3+ to [ICRA] A3'.
Rating Rationale for downgrade has essentially factored the requirement of capital infusion, divestment from non-core assets (including investment in subsidiaries), stepping up the recovery from NPA to support capital and liquidity profile.
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