ICRA downgrades rating of IDFC First Bank's bond programme
Updated : May 22, 2019 06:24 AM IST
The rating agency downgraded Rs 38,670 crore of non-convertible debentures (NCDs) to AA from AA+ with a stable outlook.
The downgrade considers the bank's weak earnings profile, given the elevated cost-to-income ratio because of the ongoing branch expansion, which has been pressurising the operating profitability, and an increase in credit provisions on account of unanticipated fresh stressed exposures identified by it in Q4 FY19, the agency said.
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