CRISIL upgrades the rating of long-term facilities of AU SFB to ‘AA/Stable'

30 Jun 2022 , 02:53 PM

AU Small Finance Bank informed that CRISIL Ratings has revised the rating of AU Small Finance Bank Limited’s long-term debt instruments to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive.’

The rating of the company’s fixed deposit programme has migrated and been upgraded to CRISIL AA+/Stable from ‘FAA+/Positive’.

The bank’s short-term instrument rating on Certificate of Deposits has been reaffirmed at CRISIL A1+.

The rating agency has reviewed total bank facilities worth Rs41,885 crore.

The upgrade is motivated by the bank’s sustained overall performance and demonstrated ability to meet expectations regarding asset quality and earnings profile improvement despite pandemic-induced challenges. The rating reflects the bank’s improving liability profile.

CRISIL Ratings has also withdrawn its rating on the Rs10 crore Subordinated Debt Bond following confirmation from the debenture trustee that it has been fully redeemed. The withdrawal is in accordance with the withdrawal policy of CRISIL Ratings.

AU SFB is currently trading at Rs593.45 down by Rs2.8 or 0.47% from its previous closing of Rs596.25 on the BSE. The scrip touched intraday high and low of Rs599 and Rs582.25 respectively.