Singapore, June 29, 2015 -- Moody's Investors Service has affirmed the deposit ratings of five
Indian banks: Axis Bank Ltd (Axis), ICICI Bank Limited (ICICI),Bank
of Baroda (BOB), Bank of India (BOI) and Canara Bank (Canara).
Moody's has also affirmed the The BCA and adjusted BCA of ICICI,
Axis and BOB have been affirmed at baa3, baa3 and ba2 respectively.
At the same time, Moody's has downgraded the BCA of BOI and
Canara to ba3 from ba2.
The outlooks on all the ratings of these banks, where applicable,
are Positive.
Furthermore, Moody's has assigned Counterparty Risk Assessments
(CR Assessments) to 12 Indian banks : (1) Axis --
Baa2(cr)/P-2(cr); (2) BOB -- Baa3(cr)/P-3(cr);
(3) BOI -- Baa3(cr)/P-3(cr); (4) Canara --
Baa3(cr)/P-3(cr); (5) Central Bank of India (CBI) --
Ba1(cr)/NP(cr); (6) HDFC Bank Limited (HDFC) -- Baa2(cr)/P-2(cr);
(7) ICICI -- Baa2(cr)/P-2(cr); (8) Indian Overseas
Bank (IOB) -- Ba1(cr)/NP(cr); (9) Punjab National Bank (PNB)
-- Baa3(cr)/P-3(cr); (10) Syndicate Bank (Syndicate)
-- Baa3(cr)/P-3(cr); (11) Union Bank of India (UBI) --
Baa3(cr)/P-3(cr); and (12) Yes Bank Limited (Yes Bank) --
Baa3(cr)/P-3(cr).
For its own business reasons, Moody's has withdrawn the outlooks
for all of the junior instrument ratings for the issuers covered in this
press release. Please refer to "Moody's Investors Service's Policy
for Withdrawal of Credit Ratings", available at www.moodys.com.
Outlooks, which provide an opinion on the likely rating direction
over the medium term, are now assigned only to long-term
deposit and issuer/senior unsecured debt ratings.
The full list of affected ratings is provided at the end of the press
release.
RATINGS RATIONALE
ASSIGNMENT OF CR ASSESSMENTS
Moody's has assigned long-term and short-term CR Assessments
to 12 Indian banks and their branches.
CR assessments are opinions of how counterparty obligations are likely
to be treated if a bank fails, and are distinct from debt and deposit
ratings in that they: (1) consider only the risk of default rather
than expected loss; and (2) apply to counterparty obligations and
contractual commitments rather than debt or deposit instruments.
A CR assessment is an opinion of the counterparty risk related to a bank's
covered bonds, contractual performance obligations (servicing),
derivatives (e.g., swaps), letters of credit,
guarantees and liquidity facilities.
CR Assessments take into account the issuer's standalone strength,
as well as the likelihood of affiliate and government support in the event
of need; reflecting the anticipated seniority of these obligations
in the liabilities hierarchy.
CR Assessments also incorporate other steps authorities can take to preserve
the key operations of a bank should it enter a resolution.
THE CR ASSESSMENTS OF AXIS, ICICI, AND HDFC ARE POSITIONED
AT Baa2(cr)
The CR Assessments of Axis, ICICI and HDFC, prior to government
support, are positioned one notch above the adjusted BCA of baa3,
and therefore above senior unsecured and deposit ratings, reflecting
our view that its probability of default is lower than that of senior
unsecured debt and deposits. We believe senior obligations represented
by the CRA will be more likely preserved in order to limit contagion,
minimize losses and avoid disruption of critical functions.
The CR Assessments of these banks do not benefit from any systemic support
as they are already above the Baa3 sovereign rating of India.
THE CR ASSESSMENTS OF BOB, BOI, CANARA, PNB, UBI,
YES BANK AND SYNDICATE ARE POSITIONED AT Baa3(cr)
The CR Assessment of Yes Bank, prior to government support,
is positioned at baa3. The CR Assessments, prior to government
support, of BOB, UBI and Syndicate are positioned at ba1 while
that of BOI, Canara and PNB are positioned at ba2. These
are all one notch above their respective adjusted BCAs.
The CR Assessment of Yes Bank does not benefit from any systemic support
as it is already at the same level as the Baa3 sovereign rating of India.
The CR Assessments of BOI, UBI and Syndicate benefit from one notch
of systemic support, while that of BOI, Canara and PNB benefit
from two notches of support. These support assumptions are in line
with our support assumptions on deposits and senior unsecured debt.
This reflects our view that any support provided by governmental authorities
to a bank which benefits senior unsecured debt or deposits is very likely
to benefit operating activities and obligations reflected by the CR Assessment
as well, consistent with our belief that governments are likely
to maintain such operations as a going-concern in order to reduce
contagion and preserve a bank's critical functions
THE CR ASSESSMENT OF IOB and CBI ARE POSITIONED AT Ba1(cr) / NP(cr)
The CR Assessment of IOB, prior to government support, is
positioned at b1 while that of CBI is positioned at b2. These are
all one notch above their respective adjusted BCAs
The CR Assessment of IOB benefits from three notches of systemic support,
while that CBI benefits from four notches of support. These support
assumptions are in line with our support assumptions on deposits and senior
unsecured debt. This reflects our view that any support provided
by governmental authorities to a bank which benefits senior unsecured
debt or deposits is very likely to benefit operating activities and obligations
reflected by the CR Assessment as well, consistent with our belief
that governments are likely to maintain such operations as a going-concern
in order to reduce contagion and preserve a bank's critical functions
AXIS BANK: AFFIRMATION OF LONG-TERM RATING, BCA AND
ADJUSTED BCA
Axis' BCA has been affirmed at baa3, reflecting the view that
the bank's strong buffers, in the form of high levels of capital,
provision coverage and core profitability, will enable the it to
withstand any further stress in its corporate loan portfolio.
The bank's adjusted BCA has been affirmed at baa3 following the
affirmation of its BCA.
The deposit rating of the bank has been affirmed at Baa3, at the
same level as the adjusted BCA and in line with the Indian sovereign rating.
The deposit rating of the bank does not factor in any systemic support
as the adjusted BCA is at the same level as the sovereign.
ICICI BANK: AFFIRMATION OF LONG-TERM RATING, BCA AND
ADJUSTED BCA
ICICI' BCA has been affirmed at baa3, reflecting the view
that the bank's strong buffers, in the form of high levels
of capital, provision coverage and core profitability, will
enable the it to withstand any further stress in its corporate loan portfolio.
The bank's adjusted BCA has been affirmed at baa3 following the
affirmation of its BCA.
The deposit rating of the bank has been affirmed at Baa3, at the
same level as the adjusted BCA and in line with the Indian sovereign rating.
The deposit rating of the bank does not factor in any systemic support
as the adjusted BCA is at the same level as the sovereign.
BANK OF BARODA: AFFIRMATION OF LONG-TERM RATING, BCA
AND ADJUSTED BCA
BOB's BCA has been affirmed at ba2. The bank continues to
face challenges in its corporate loan portfolio. However,
the extent of these challenges may be lower than what is being seen at
the other rated Indian state-owned banks. In addition,
the bank's buffers, particularly core Tier 1 ratio of 9.8%
(end March 2015), is stronger than the other rated Indian state-owned
banks, making it better positioned to deal with asset quality challenges.
The bank's adjusted BCA has been affirmed at ba2 following the affirmation
of its BCA.
The deposit rating of the bank has been affirmed at Baa3, in line
with the sovereign rating, by factoring in two notches of systemic
support. We expect BOB to enjoy a very high level of systemic support,
given that it is mandated by law that the bank be majority owned by the
government.
BANK OF INDIA: AFFIRMATION OF LONG-TERM RATING; DOWNGRADE
OF BCA AND ADJUSTED BCA
BOI's BCA has been downgraded to ba3 from ba2. The bank had
seen a significant spike in non-performing loan (NPL) formation
in the quarter ending March 2015. While the rate of NPL formation
may not be at the levels seen in the last quarter, the bank may
continue to see stress in its corporate loan portfolio. In addition
the bank has weak buffers to withstand incremental asset quality stress,
with a core Tier 1 ratio of only 7.2% at end March 2015.
The bank's adjusted BCA has been downgraded to ba3 following the
downgrade of its BCA.
The deposit rating of the bank has been affirmed at Baa3, in line
with the sovereign rating, by factoring in three notches of systemic
support. We expect BOI to enjoy a very high level of systemic support,
given that it is mandated by law that the bank be majority owned by the
government.
CANARA BANK: AFFIRMATION OF LONG-TERM RATING; DOWNGRADE
OF BCA AND ADJUSTED BCA
Canara's BCA has been downgraded to ba3 from ba2. The bank
has reported a further deterioration in its impaired loan ratio for the
year ending march 2015, with its impaired loan ratio increasing
to 10.5% from 9.15% a year earlier.
We expect the bank to continue to see stress in its corporate loan portfolio.
In addition the bank has weak buffers to withstand incremental asset quality
stress, with a core Tier 1 ratio of only 7.2% at end
March 2015.
The bank's adjusted BCA has been downgraded to ba3 following the
downgrade of its BCA.
The deposit rating of the bank has been affirmed at Baa3, in line
with the sovereign rating, by factoring in three notches of systemic
support. We expect BOI to enjoy a very high level of systemic support,
given that it is mandated by law that the bank be majority owned by the
government.
WHAT COULD CHANGE THE RATINGS UP
AXIS BANK
The bank's BCA is at the same level as the sovereign rating of Baa3.
As the bank's business is predominantly linked to the Indian economy,
its BCA is unlikely to be upgraded as long as the sovereign rating remains
at the current level.
Axis' senior unsecured debt and deposit ratings could be upgraded
if the India sovereign rating (Baa3, Positive) is upgraded.
ICICI BANK
The bank's BCA is at the same level as the sovereign rating of Baa3.
As the bank's business is predominantly linked to the Indian economy,
its BCA is unlikely to be upgraded as long as the sovereign rating remains
at the current level.
ICICI's senior unsecured debt and deposit ratings could be upgraded
if the India sovereign rating (Baa3, Positive) is upgraded.
BANK OF BARODA
BOB's BCA could be upgraded if there are substantial improvements
in the bank's asset quality metrics. There could be upward
pressure on its BCA if the bank is able to demonstrate access to equity
capital markets as well.
BOB's senior unsecured debt and deposit ratings could be upgraded
if the India sovereign rating (Baa3, Positive) is upgraded.
BANK OF INDIA
BOI's BCA could be upgraded if there are substantial improvements
in the bank's asset quality metrics. There could be upward
pressure on its BCA if the bank is able to demonstrate access to equity
capital markets as well.
BOI's senior unsecured debt and deposit ratings could be upgraded
if the India sovereign rating (Baa3, Positive) is upgraded.
CANARA BANK
Canara's BCA could be upgraded if there are substantial improvements
in the bank's asset quality metrics. There could be upward
pressure on its BCA if the bank is able to demonstrate access to equity
capital markets as well.
Canara's senior unsecured debt and deposit ratings could be upgraded
if the India sovereign rating (Baa3, Positive) is upgraded.
WHAT COULD CHANGE THE RATINGS DOWN
AXIS BANK
Downward pressure on Axis' BCA could develop from: (i) A sustained
deterioration in impaired loans or loan loss reserves, or a rate
of new non-performing loan (NPL) formation significantly higher
than previously experienced, and/or (ii) A decline in earnings leading
to a significant decrease in internal capital generation.
Axis's BCA as well as the supported rating could be downgraded if
India's sovereign rating is downgraded.
ICICI BANK
Downward pressure on ICICI's BCA could develop from: (i) A
sustained deterioration in impaired loans or loan loss reserves,
or a rate of new non-performing loan (NPL) formation significantly
higher than previously experienced, and/or (ii) A decline in earnings
leading to a significant decrease in internal capital generation.
ICICI's BCA as well as the supported rating could be downgraded
if India's sovereign rating is downgraded.
BANK OF BARODA
Downward pressure on BOB's BCA could develop from continued deterioration
in impaired loans, loan loss reserves coverage, and capital.
Additionally, any indications that support from the Government of
India (Baa3 Positive) had diminished or that additional capital requirements
may arise beyond the government's budgeted amount could put the bank's
deposit and senior unsecured debt ratings under pressure.
Any downward changes in the sovereign ratings would also affect the bank's
deposit and senior unsecured debt ratings.
BANK OF INDIA
Downward pressure on BOI's BCA could develop from a continued deterioration
in impaired loans. A material decline in the combination of profits,
loan-loss reserves and capital, relative to impaired assets
would also put pressure on its ratings.
Additionally, any indications that support from the Government of
India (Baa3 Positive) had diminished or that additional capital requirements
may arise beyond the government's budgeted amount could put the bank's
deposit and senior unsecured debt ratings under pressure.
Any downward changes in the sovereign ratings would also affect the bank's
deposit and senior unsecured debt ratings.
CANARA BANK
The BCA could be revised downwards if the bank experiences continued deterioration
in impaired loans, loan loss reserves coverage, and capital.
Any indications that government support has diminished or that additional
capital requirements may arise beyond the government's budgeted amount
could put its deposit and senior unsecured debt ratings under pressure.
Any downward changes in the sovereign ratings would also affect the bank's
deposit and senior unsecured debt ratings.
Taking into account today's announcement, the Indian banks' ratings
are as follows:
ICICI Bank Limited:
• Long-term Local and Foreign currency Bank Deposit ratings
affirmed at Baa3; outlook Positive
• Short-term Local and Foreign currency Bank Deposit ratings
affirmed at P-3
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating affirmed at (P)Ba1
• Junior Subordinate MTN program rating affirmed at (P)Ba2
• BCA and Adjusted Baseline Credit Assessment affirmed at baa3
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
ICICI Bank Limited, New York Branch:
• Senior Unsecured debt rating affirmed at Baa3; outlook Positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating affirmed at (P)Ba1
• Junior Subordinate MTN program rating affirmed at (P)Ba2
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
ICICI Bank Limited, Bahrain Branch:
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating affirmed at (P)Ba1
• Junior Subordinate debt rating affirmed at Ba2 (hyb)
• Junior Subordinate MTN program rating affirmed at (P)Ba2
• Pref. Stock Non-cumulative rating affirmed at Ba3
(hyb)
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
ICICI Bank Limited, Dubai Branch
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating affirmed at (P)Ba1
• Junior Subordinate MTN program rating affirmed at (P)Ba2
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
ICICI Bank Limited, Hong Kong Branch
• Deposit Note/CD program rating affirmed at (P)Baa3/(P)P-3
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating affirmed at (P)Ba1
• Junior Subordinate MTN program rating affirmed at (P)Ba2
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
ICICI Bank Limited, Singapore Branch
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating affirmed at (P)Ba1
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
Axis Bank Ltd
• Long-term Local and Foreign currency Bank Deposit ratings
affirmed at Baa3; outlook Positive
• Short-term Local and Foreign currency Bank Deposit ratings
affirmed at P-3
• BCA and Adjusted Baseline Credit Assessment affirmed at baa3
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
Axis Bank Limited, DIFC Branch
• Other Short Term ratings affirmed at (P)P-3
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating affirmed at (P)Ba1
• Junior Subordinate MTN program rating affirmed at (P)Ba2
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
Axis Bank Limited, Hong Kong Branch
• Other Short Term ratings affirmed at (P)P-3
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating affirmed at (P)Ba1
• Junior Subordinate MTN program rating affirmed at (P)Ba2
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
Axis Bank Ltd, Singapore Branch
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating affirmed at (P)Ba1
• Junior Subordinate debt rating affirmed at Ba2 (hyb)
• Junior Subordinate MTN program rating affirmed at (P)Ba2
• Pref. Stock Non-cumulative rating affirmed at Ba3
(hyb)
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
Bank of Baroda
• BCA and Adjusted Baseline Credit Assessment affirmed at ba2
• Long-term Local and Foreign currency Bank Deposit ratings
affirmed at Baa3; outlook Positive
• Short-term Local and Foreign currency Bank Deposit ratings
affirmed at P-3;
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Bank of Baroda (London Branch)
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate debt rating affirmed at Ba2
• Subordinate MTN program rating affirmed at (P)Ba2
• Junior Subordinate MTN program rating affirmed at (P)Ba3
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Bank of India
• Long-term Local and Foreign currency Bank Deposit ratings
affirmed at Baa3; outlook Positive
• Short-term Local and Foreign currency Bank Deposit ratings
affirmed at P-3
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating downgraded to (P)Ba3 from (P)Ba2
• BCA and Adjusted Baseline Credit Assessment downgraded to ba3 from
ba2
• Non-cumulative preferred stock rating downgraded to B3(hyb)
from B2(hyb)
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Bank of India (London)
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate debt rating downgraded to Ba3 from Ba2
• Subordinate MTN program rating downgraded to at (P)Ba3 from (P)Ba2
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Bank of India, Jersey Branch
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating downgraded to at (P)Ba3 from (P)Ba2
• Junior Subordinate MTN program rating downgraded to (P)B1 from
(P)Ba3
• Non-cumulative preferred stock rating downgraded to B3(hyb)
from B2(hyb)
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Canara Bank
• BCA and Adjusted Baseline Credit Assessment downgraded to ba3 from
ba2
• Long-term Local and Foreign currency Bank Deposit ratings
affirmed at Baa3; outlook Positive
• Short-term Local and Foreign currency Bank Deposit ratings
affirmed at P-3
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Canara Bank, London Branch
• Senior Unsecured debt rating affirmed at Baa3; outlook positive
• Senior Unsecured MTN program rating affirmed at (P)Baa3
• Subordinate MTN program rating downgraded to at (P)Ba3 from (P)Ba2
• Junior Subordinate debt rating downgraded to B1(hyb) from Ba3(hyb)
• Junior Subordinate MTN program rating downgraded to (P)B1 from
(P)Ba3
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
HDFC Bank Limited
• Long-term Local and Foreign currency Bank Deposit ratings
remain unchanged at Baa3; outlook Positive
• Short-term Local and Foreign currency Bank Deposit ratings
remain unchanged at P-3
• Senior Unsecured MTN program rating remain unchanged at (P)Baa3
• Subordinate MTN program rating remain unchanged at (P)Ba1
• Junior Subordinate MTN program rating remain unchanged at (P)Ba2
• BCA and Adjusted Baseline Credit Assessment remain unchanged at
baa3
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
HDFC Bank Limited, Bahrain Branch
• Senior Unsecured debt rating remain unchanged at Baa3; outlook
positive
• Senior Unsecured MTN program rating remain unchanged at (P)Baa3
• Subordinate MTN program rating remain unchanged at (P)Ba1
• Junior Subordinate MTN program rating remain unchanged at (P)Ba2
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
HDFC Bank Limited, Hong Kong Branch
• Senior Unsecured MTN program rating remain unchanged at (P)Baa3
• Subordinate MTN program rating remain unchanged at (P)Ba1
• Junior Subordinate MTN program rating remain unchanged at (P)Ba2
• Assign Counterparty Risk Assessment of Baa2(cr)/P-2(cr)
Indian Overseas Bank
• Long-term Local and Foreign currency Bank Deposit ratings
remain unchanged at Ba1; outlook Stable
• Short-term Foreign currency Bank Deposit ratings remain
unchanged at NP
• Other Short-term program rating remain unchanged at (P)
NP
• Senior Unsecured MTN program rating remain unchanged at (P)Ba1
• Subordinate MTN program rating remain unchanged at (P)B2
• Junior Subordinate MTN program rating remain unchanged at (P)B3
• BCA and Adjusted Baseline Credit Assessment remain unchanged at
b2
• Assign Counterparty Risk Assessment of Ba1(cr)/NP(cr)
Indian Overseas Bank, Hong Kong Branch
• Other Short-term program rating remain unchanged at (P)NP
• Senior Unsecured debt rating remain unchanged at Ba1/(P)Ba1;
outlook Stable
• Senior Unsecured MTN program rating remain unchanged at (P)Ba1
• Subordinate MTN program rating remain unchanged at (P)B2
• Junior Subordinate MTN program rating remain unchanged at (P)B3
• Assign Counterparty Risk Assessment of Ba1(cr)/NP(cr)
Punjab National Bank
• Long-term Local and Foreign currency Bank Deposit ratings
remain unchanged at Baa3; outlook Positive
• Short-term Local and Foreign currency Bank Deposit ratings
remain unchanged at P-3
• Issuer rating remain unchanged at Baa3; outlook Positive
• BCA and Adjusted Baseline Credit Assessment remain unchanged at
ba3
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Union Bank of India
• Long-term Local and Foreign currency Bank Deposit ratings
remain unchanged at Baa3; outlook Positive
• Short-term Local and Foreign currency Bank Deposit ratings
remain unchanged at P-3
• Senior Unsecured debt rating remain unchanged at Baa3; outlook
Positive
• Senior Unsecured MTN program rating remain unchanged at (P)Baa3
• Subordinate MTN program rating remain unchanged at (P)Ba2
• Junior Subordinate MTN program rating remain unchanged at (P)Ba3
• BCA and Adjusted Baseline Credit Assessment remain unchanged at
ba2
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Union Bank of India, Hong Kong Branch
• Senior Unsecured debt rating remain unchanged at Baa3; outlook
Positive
• Senior Unsecured MTN program rating remain unchanged at (P)Baa3
• Subordinate MTN program rating remain unchanged at (P)Ba2
• Junior Subordinate MTN program rating remain unchanged at (P)Ba3
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Yes Bank Limited
• Long-term Local and Foreign currency Bank Deposit ratings
remain unchanged at Baa3
• Short-term Local and Foreign currency Bank Deposit ratings
remain unchanged at P-3;
• Long-term Foreign currency issuer rating remain unchanged
at Baa3
• BCA and Adjusted Baseline Credit Assessment remain unchanged at
ba1
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Central Bank of India
• Long-term Local and Foreign currency Bank Deposit ratings
remain unchanged at Ba1, outlook Negative
• Short-term Local and Foreign currency Bank Deposit ratings
remain unchanged at NP
• BCA and Adjusted Baseline Credit Assessment remain unchanged at
b3
• Assign Counterparty Risk Assessment of Ba1(cr)/NP(cr)
Syndicate Bank
• Long-term Local and Foreign currency Bank Deposit ratings
remain unchanged at Baa3, outlook Positive
• Short-term Local and Foreign currency Bank Deposit ratings
remain unchanged at P-3
• Senior Unsecured MTN program rating remain unchanged at (P)Baa3
• Subordinate MTN program rating remain unchanged at (P)Ba2
• Junior Subordinate MTN program rating remain unchanged at (P)Ba3
• BCA and Adjusted Baseline Credit Assessment remain unchanged at
ba2
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
Syndicate Bank, London Branch
• Senior Unsecured debt rating remain unchanged at Baa3; outlook
Positive
• Senior Unsecured MTN program rating remain unchanged at (P)Baa3
• Subordinate MTN program rating remain unchanged at (P)Ba2
• Junior Subordinate MTN program rating remain unchanged at (P)Ba3
• Assign Counterparty Risk Assessment of Baa3(cr)/P-3(cr)
The principal methodology used in these ratings was Banks published in
March 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.
Headquartered in India, Axis Bank reported total assets of INR 4,619
billion as of 31 March 2015.
Headquartered in India, ICICI reported total assets of INR8,261
billion as of 31 March 2015.
Headquartered in India, Bank of Baroda reported total assets of
INR7,150 billion as of 31 March 2015.
Headquartered in India, Bank of India reported total assets of INR6,187
billion as of 31 March 2015.
Headquartered in India, Canara Bank reported total assets of INR5,480
billion as of 31 March 2015.
Headquartered in India, HDFC Bank reported total assets of INR5,905
billion as of 31 March 2015.
Headquartered in India, Indian Overseas Bank reported total assets
of INR 2,856 billion as of 31 March 2015.
Headquartered in India, Punjab National Bank reported total assets
of INR 6,033 billion as of 31 March 2015.
Headquartered in India, Union Bank of India reported total assets
of INR3,816 billion as of 31 March 2015.
Headquartered in India, Yes Bank reported total assets of INR1,362
billion as of 31 March 2015.
Headquartered in India, Central Bank of India reported total assets
of INR3,119 billion as of 31 March 2015.
Headquartered in India, Syndicate Bank reported total assets of
INR3,031 billion as of 31 March 2015.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead analyst and the Moody's legal entity that has issued the ratings.
The following information supplements Disclosure 10 ("Information
Relating to Conflicts of Interest as required by Paragraph (a)(1)(ii)(J)
of SEC Rule 17g-7") in the regulatory disclosures made at
the ratings tab on the issuer/entity page on www.moodys.com
for each credit rating as indicated:
Moody's was not paid for services other than determining a credit
rating in the most recently ended fiscal year by the person(s) that paid
Moody's to determine this credit rating.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Srikanth Vadlamani
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Moody's affirms deposit ratings of 5 Indian banks; and assigns Counterparty Risk Assessments to 12 Indian banks
