New Delhi, Oct 17 (UNI) Credit rating agency ICRA today assigned A1+ rating to the Rs 1,000 crore Certificate of deposit programme of Punjab&Sind Bank.
This is the highest credit quality rating assigned by ICRA top short-term debt instruments. Instruments in this category carry the lowest credit risk in the short term.
ICRA has a rating outstanding of LAA assigned earlier to the Lower Tier II bond programmes of the bank.
The rating indicate high credit quality and the rated instruments carry low credit risk.
P&SB's ratings reflect the considerable improvement in the profitability and solvency profile of P&SB over the last two years.
The rating reflects bank's 100 per cent sovereign ownership, its adequate capitalisation and a large low cost deposit base owing to its established franchisee in North Indian states.
ICRA expects the bank to maintain comfortable liquidity owing to its comfortable ALM position on the strength of its large stable retail deposit base.