ICRA assigns A1+ to Rs 500 cr STD prog of IDBI

New Delhi, Jun 26 (UNI) Credit rating agency ICRA has assigned A1+ rating to the Rs 500 Cr Short Term Debt Programme of IDBI Homefinance Ltd (HFL).

The rating indicates highest-credit-quality rating assigned by ICRA to short-term debt instruments. The company also has a LAA rating indicating high credit quality, for its Rs 60 Cr subordinated debt.

The outstanding ratings take into consideration IHFL's strong parentage (Industrial Development of Bank of India Ltd- IDBI which has outstanding ratings of LAA+, MAA+ and A1+ from ICRA), its substatially improved funding profile, favourable asset quality, improving profitability and its comfortable capital adequacy.

The rating is supported by the high financial flexibility that the company enjoys as a wholly owned subsidiary of IDBI, besides IHFL's access to committed lines of credit from banks.

UNI CS ARB VP1832