CRA downgrades bonds of Oriental Bank of Commerce

BS Reporter / Mumbai Apr 04, 2012, 00:54 IST

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sidbi.in/Enquire-Now ICRA has downgraded Oriental Bank of Commerces bonds due to worsening asset quality and sustained pressure on profitability. The rating agency has revised ratings outstanding on the Rs 1,000-crore lower Tier-II bond programmes of the lender from AAA (stable) to AA+ (stable). It has also revised the ratings outstanding on the Rs 1,250-crore upper Tier-II and perpetual bond programmes from AA+ (stable) to AA (stable). The rating revision factors in deterioration in asset quality indicators of the bank, increase in its net non-performing assets (NPAs) in relation to its net worth and sustained pressure on its profitability, ICRA said.
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