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Ind-Ra assigns IDFC FIRST Bank's Additional Basel III Tier 2 Debt Instruments ‘IND AA+'/Negative

24 Mar 2022 , 12:46 PM

IDFC FIRST Bank

‘India Ratings & Research’ (Ind-Ra) has enhanced the rated amount of Basel III — Tier 2 Debt Instruments of IDFC FIRST Bank Limited from Rs2,000 crore to Rs5,000 crore. Ind-Ra has assigned ‘IND AA+/Negative’ rating/outlook to the additional Tier 2 Bonds (Rs3,000 crore) while re-affirming the rating/outlook of Rs2,000 crore Basel III — Tier 2 Bonds.

Further, Ind-Ra has also re-affirmed the rating/outlook of other debt instruments (Infra Bonds and NCDs) at ‘IND AA+/Negative’

At around 12.50 pm, IDFC First Bank was trading at Rs40.20 per piece down Rs0.65 or 1.59% on the BSE. 

Ind-Ra has maintained the Negative Outlook in view of the likelihood of continued asset quality challenges owing to the impact of the pandemic-led disruptions, especially in IDFCFB’s retail and SME segments, and the impact of incremental slippages from the restructured book on overall profitability buffers.

This could lead to a moderation in the operating performance and dilute the capital buffers. However, the bank has raised capital to the tune of INR50 billion, build up adequate capital buffers, strengthened its liability franchise and improved its funding profile, by bringing down costs, reducing concentration and increasing the granularity of asset profile.

Related Tags

  • Additional Basel III Tier 2 Debt Instruments
  • credit rating
  • IDFC FIRST Bank Limited
  • IDFC First Bank news
  • IDFC FIRST Bank rating
  • IDFC First Bank share price
  • IDFC First Bank stock price
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