IDBI Bank announced that CRISIL has removed its rating on the Upper Tier II bonds (under Basel II) and Tier I Perpetual bonds (under Basel II), hereafter referred to as hybrid instruments, of IDBI Bank
from ''Watch with Developing Implications'' and assigned a ''Stable'' outlook on the same.
The ratings on the Tier II bonds (under Basel III), Infrastructure bonds, Lower Tier II bonds (under Basel II), Omni bonds and Flexi bonds have been reaffirmed at ''CRISIL A+/Stable'' while the ratings on the fixed deposits programme and the certificate of deposits programme have been reaffirmed at ''FAA/Stable'' and ''CRISIL A1+'' respectively.
The rationale for revision in ratings is due to infusion by LIC of Rs. 14,500 crore (Tranche 1) of capital through a preferential issue in IDBI Bank, significantly improving its current capital ratios.
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