ICRA assigns LAA+ rating to IDBI long term debt prog

New Delhi, Apr 19 (UNI) Credit rating agencty ICRA has assigned an LAA+ rating to the Rs 50 billion long-term Omnibonds programme for 2006-07, of Industrial Development Bank of India Ltd (IDBI), indicating high credit quality.

The agency has reaffirmed the LAA+ rating to the outstanding long-term bonds.

The Rs 1.30 billion Tier II bonds of the bank, which were transferred to IDBI post the merger effective October 1 last year, have also been reaffirmed the LAA+ rating.

ICRA has also reaffirmed the MAA+ rating indicating high credit quality to the Term Deposits and A1+ rating indicating highest credit quality to the Rs 20 billion Certificates of Deposit Programmes of IDBI.

IDBI, with its head office in Mumbai, is the seventh largest bank in India with an asset base of around Rs 820 billion. During the nine months ended December 31, 2005, IDBI reported a total income of Rs.47.17 billion and net profit of Rs.3.60 billion.

UNI CS RA RS1506