(The following statement was released by the rating agency)
Aug 22 - Standard & Poor’s Ratings Services today corrected its long-term Greater China credit scale rating on the Chinese yuan (CNY) 650 million 4.5% senior unsecured notes of IDBI Bank Ltd. The rating should be ‘cnBBB+’ to reflect the revision in the outlook on the long-term counterparty credit rating on the bank (foreign currency BBB-/Negative/A-3) to negative from stable on April 25, 2012. The foreign currency long-term issue rating on these notes remains unchanged at ‘BBB-'.
All other outstanding ratings on IDBI or its issues remain unchanged.
-- Outlooks On 11 Indian Financial Institutions Revised To Negative Following Sovereign Rating Action; Ratings Affirmed, April 25, 2012
-- Banks: Rating Methodology And Assumptions, Nov 9, 2011
-- Credit FAQ: Greater China Credit Rating Scale Explained, April 27, 2011