ICRA assigns A1+ rating to Rs 3000 cr CoD prog of SBoP

New Delhi, Mar 28 (UNI) Rating agency ICRA has assigned the A1+ rating to the Rs 3,000 crore Certificate of Deposit programme of State Bank of Patiala.

This is the highest credit quality rating assigned by ICRA to short-term debt instruments. Instruments in this category carry the lowest credit risk in the short term.

ICRA has also reaffirmed the LAAA rating to the Tier II bonds and the MAAA rating to the term deposit programme of the bank. The rating reaffirmation factors in SBoP's strong franchise value in its areas of operations enabling a stable deposit base and sustained market position demonstrated in the growing credit portfolio.

The rating also factors in SBoP's stable core operating profitability supported by low overhead expenses, comfortable capital adequacy, solvency and ability to maintain comfortable liquidity. The highest credit quality rating also draws strength from SBoP strong ownership by State Bank of India and the advantages the bank enjoys with the operational synergies with its parent.

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