Fitch affirms HDFC, places Centurion on ratings watch
Fitch Ratings has affirmed HDFC Bank Ltd (HBL) following its announcement to pursue a merger with Centurion Bank of Punjab Ltd (CBP) through a share swap. At the same time, CBP’s Long-term, Individual and Support ratings have been placed on Rating Watch Positive.
The following ratings of HBL have been affirmed with a Stable Outlook: National Long-term at ‘AAA(ind)’, National Short-term at ‘F1+(ind)’, Individual at ‘C’, Support at ‘3′, INR24 billion lower tier 2 subordinated debt at ‘AAA(ind)’, fixed deposit programme at ‘AAA(ind)’ and INR50bn certificates of deposit programme at ‘F1+(ind)’.
— www.theasianbanker.com (February 27 2008)–