Fitch assigns 'AA(ind)' to UTI Bank's debt

Global credit rating agency Fitch today assigned "AA+(ind)" to UTI Bank's Rs 215 crore perpetual debt and Rs 653 crore subordinate debt issues.

Fitch also affirmed the "AA+(ind)" to UTI Bank's Rs 2,500 crore subordinate debt, the National Long-term issuer rating of "AA+(ind)", individual rating of "C/D" and Support rating of "4" and the outlook on the ratings are stable.

The ratings of the bank reflects its improved asset quality ratios and diversified income streams, it said.

UTI Bank's physical infrastructure includes a network of 355 branches and 1891 ATMs. Retail loans account 29 per cent of the bank's loan portfolio.

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