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Moody's places ratings of 13 Indian commercial banks on review for possible downgrade
May 29, 2009:
The following rating actions were taken:
(viii) IDBI Bank's GLC Baa2/P-2 deposit ratings were placed on review for downgrade. The Baa2 FC senior debt rating was also placed on review for downgrade.
All the other ratings, including the D- BFSR (mapping to a Ba3 BCA) and Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling), remain unchanged with a stable outlook.
(ix) Union Bank of India's A3/P-1 GLC deposit ratings were placed on review for downgrade. The Baa2 FC subordinated (Lower Tier 2) and junior subordinated (Upper Tier 2) ratings and the Baa3 perpetual hybrid Tier 1 rating under its MTN programme were also placed on review for downgrade.
All the other ratings, including the D+ BFSR (mapping to a Ba1 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.
(x) Axis Bank's A3/P-1 GLC deposit ratings were placed on review for downgrade. The Baa2 FC subordinated (Lower Tier 2), junior subordinated (Upper Tier 2) and perpetual hybrid Tier 1 ratings under its MTN programme were also placed on review for downgrade.
All the other ratings, including the C- BFSR (mapping to a Baa2 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.
(xi) Central Bank of India's Baa2/P-2 GLC deposit ratings were placed on review for downgrade. All the other ratings, including the D- BFSR (mapping to a Ba3 BCA) and Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling), remain unchanged with a stable outlook.
(xii) Syndicate Bank's A3/P-1 GLC deposit ratings were placed on review for downgrade. All the other ratings, including the D+ BFSR (mapping to a Ba1 BCA) and Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling), remain unchanged with a stable outlook, except for the BFSR, which continues to carry a negative outlook.
(xiii) Oriental Bank of Commerce's GLC A3/P-1 deposit ratings were placed on review for downgrade. All the other ratings, including the D+ BFSR (mapping to a Ba1 BCA) and Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling), remain unchanged with a stable outlook, except for the BFSR, which continues to carry a negative outlook.
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