ICRA migrates credit rating of RBL Bank's fixed deposit programme to ‘ICRA AA- -;'

8 Jun 2022 , 02:23 PM

RBL Bank Limited has informed that ICRA has discontinued the medium-term rating scale which was used to assign ratings to the fixed deposit programmes of your Company.

Consequently, ICRA has migrated the outstanding rating i.e., MAA&1 on the medium-term rating scale assigned to the fixed deposits programme of the Company to ‘ICRA AA-‘ on the long-term rating scale.

The medium-term rating scale of ICRA Limited was a 14-point scale, while the long-term rating scale is a 20-point scale. The migration of the rating has resulted in a change in the rating symbol;

The rating agency continues to keep the rating on watch with developing implications.

Bank’s Basel Ill Tier II Bonds worth Rs800 crore have ‘ICRA AA-&’ rating outstanding. Whilst RBL’s Certificate of Deposit worth Rs6,000 crore has received an ‘ICRA A1+’ rating.

RBL Bank is currently trading at Rs110.75 up by Rs0.4 or 0.36% from its previous closing of Rs110.35 on the BSE. The scrip touched intraday high and low of Rs113.95 and Rs109.70 respectively.