Fitch affirms 'AA' to J

New Delhi, Aug 5 (UNI) Credit rating agency Fitch has assigned 'AA' rating to Jammu and Kashmir (J&K) Bank's Rs 300 crore sub-ordinated debt issues at national long-term.

The ratings reflect J&K bank's robust growth tier I capital ratio compared to other banks, state government ownership, systemic importance to the state of J&K and its recent strategic shift to micro-lending in J&K.

Fitch, one of the three large global credit rating agencies, rates 5,600 banks/financial institutions, including some 2,500 insurance companies, more than 1,300 major corporate houses and 99 sovereigns as well as public finance, sub-sovereigns and structured finance transactions.

UNI