ICRA assigns LA+ to Rs 200 cr Tier-2 programme of PSB

New Delhi, July 11 (UNI) Credit rating agency today assigned the LA+ rating to Rs 200 crore Tier II bond programme of Punjab and Sind Bank (PSB) and has upgraded the rating of the outstanding Tier II bonds from LA to LA+.

The rating is based on the strength of higher core operating profitability achieved through significant credit expansion, reduction in overhead expenses and an improvement in the asset quality.

The rating continues to factor in the bank's low cost deposit profile, sovereign ownership, comfortable capital adequacy and franchise in north Indian states.

UNI SBA CS BST1835