ICRA assigns A1+ rating to Rs 5,000 cr CD prog of IDBI

New Delhi, June 30 (UNI) Credit rating agency ICRA today assigned an A1+ rating to the Rs 5000 crore certificates of deposit (CD) programme of Industrial Development Bank of India Ltd (IDBI).

IDBI also has a LAA+ rating and MAA+ ratings from ICRA, indicating high credit quality for its long-term bonds programme and term deposits programme.

The ratings draw comfort from the majority Government of India (GoI) ownership of IDBI and the implicit sovereign support that IDBI enjoys emanating from the continued and demonstrated Government support to IDBI.

The ratings also take into account the low cost of operations given the wholesale nature of business for the erstwhile development financial institution, comfortable regulatory capital adequacy and IDBI's position in the Indian financial system as the eight largest bank in the country.

UNI DKS PV BD1756