ICRA assigns LAA+ rating to Kotak Mahindra Bank's long-term debt
Mumbai, May 9 (UNI) Rating agency ICRA has assigned an LAA+ rating to the Rs 60 crore long-term subordinated bonds programme of Kotak Mahindra Bank Limited (KMBL).
A ICRA release here today said it has also given LAA+ rating to the bank's outstanding Rs 240 crore long-term subordinated bonds.
The ratings indicate high-credit quality and the rated instrument carries low credit risk.
The rating has factored KMBL's strong position in the commercial vehicle finance and improved franchise in the other retail asset segments such as personal loans and mortgage finance.
The release said the rating also took into account the improved capitalisation levels following the USD 100 million mobilised by the bank by way of Global Depository Shares in April this year.
In addition, the rating has derived comfort from the operational synergies with its subsidiaries operating in car financing, capital market and investment banking businesses.
ICRA has also noted the realignments of its car finance joint group ventures with Ford Credit International and the investment banking and broking ventures with Goldman Sachs Inc.
UNI SN SSS SKB1739