ICRA assigns highest quality rating to NHB

New Delhi, July 20 (UNI) Credit rating agency ICRA today assigned the highest credit quality rating to the Commercial Paper Programme/ Short Term Debt of National Housing Bank, a wholly owned subsidiary of RBI.

The rating indicates highest safety and takes into account NHB's 100 per cent ownership by RBI, its pivotal role in the housing finance industry and its comfortable liquidity position.

However, ICRA has taken note of the withdrawal of u/s 54 EC coverage from NHB, resulting in great impact on the bank's cost of funds, ICRA draws comfort from RBI in case of crisis, favorable asset quality and strong capitalisation levels of NHB.

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