"Crisil Ratings has assigned AA+/Negative (double A plus with negative outlook) rating to the bank's proposed Basel-III compliant tier-2 bonds aggregating Rs 500 crore," Allahabad Bank said in a regulatory filing to the BSE.
Instruments with AA+ ratings are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.
In November, the bank had said it will raise Basel-III compliant tier-II bonds up to Rs 500 crore through private placement in one or more tranches during 2014-15.
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