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Fitch Ratings upgrades viability rating of IDBI Bank

Posted On: 2020-12-04 03:59:40 (Time Zone: Arizona, USA)


Fitch Ratings vide their Press Release dated December 3, 2020, has upgraded the viability Rating to 'ccc+' from 'ccc' and has reaffirmed IDBI's Long-Term Issuer Default Rating (IDR) at 'BB+', with a Negative Outlook, Support Rating Floor at 'BB+' and Support Rating at '3'.

The upgrade to IDBI's VR is due mainly to the improved core capitalisation and the high loan-loss coverage, which provide some resilience to the capital buffers against potential asset-quality stress. It also factors in the possibility for more fresh capital in the financial year ending March 2021 (FY21) which, if successfully raised, can provide a significant fillip to the capital buffers.

The Outlook on IDBI's IDR was revised to Negative from Stable on 1 April 2020, before India's sovereign rating (BBB-) Outlook was revised to Negative from Stable on 18 June 2020 due to the impact of the escalating coronavirus pandemic on India's economy.

IDBI Bank's SRF and IDR are unchanged for now, as support prospects have not materially altered since our last review. However, these could shift over time in line with the government's proposed stake sale implying weaker propensity to support the bank or if the sovereign's ability to support were to be impacted in future, reflected by a sovereign rating downgrade.

Shares of IDBI BANK LTD. was last trading in BSE at Rs.39.7 as compared to the previous close of Rs. 39.2. The total number of shares traded during the day was 719958 in over 1869 trades.

The stock hit an intraday high of Rs. 40.3 and intraday low of 39. The net turnover during the day was Rs. 28695102.


Source: Equity Bulls

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