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Thursday, Jul 04, 2002

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IDBI long-term ratings downgraded

Our Bureau

NEW DELHI: ICRA has announced a downward revision of the long-term rating of IDBI from `LAA+' to `LAA'. The revised ratings also indicate high safety as earlier, but at a lower level.

However, the ratings of the medium-term and short-term borrowing programmes of IDBI have been retained at `MAA+' and `A1+' respectively, also indicating high safety.

ICRA has said that the revision of the long-term rating has been done in view of the concern on IDBI's asset quality and pressures on profitability.

The rating agency has said that it feels that there is a possibility of a further slippage in the asset quality of IDBI despite the institution having reduced its NPAs from Rs 6,500 crore (11.69 per cent of net loans) as on March 31, 2002, from Rs 8,371 crore (14.82 per cent of net loans) a year back through provisioning and writ-offs by writing down reserves.

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