Crisil upgrades IDBI Bank, Icra puts it on rating watch

IDBI Bank has been upgraded to AA+ from A on account of the merger with Industrial Development Bank of India (IDBI), said Crisil.

Meanwhile, Icra has placed IDBI Bank under rating watch with positive implications. The agency said that the rating action takes into account the announcement of the in-principle approval of the merger of the IDBI Bank with IDBI.

The rating agency is in the process of evaluating the impact of the merger and would announce its final view on the outstanding rating after completion of the merger, an Icra official said.

The rating agency is in the process of evaluating the impact of the merger and would announce its final view on the outstanding rating after completion of the merger said an official with the rating agency.

Agency has also assigned outstanding ratings of LAA, MAA+ and A1+ to IDBI's long-term, medium-term and short-term debt plans.