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S&P affirms IDBI Bank, removes ratings from CreditWatch

S&P Global Ratings affirmed IDBI Bank Ltd.'s long- and short-term foreign currency issuer credit ratings at BB and B, respectively, with a stable outlook.

The rating agency said Jan. 4 that it also removed the bank's ratings from CreditWatch, where it was placed with negative implications in August 2018.

The ratings reflect S&P's expectation that the Indian bank will meet regulatory capital requirements following a capital infusion by Life Insurance Corp. of India. The bank said it obtained additional capital worth 145 billion rupees from LIC as part payment for the insurer's proposed acquisition of a 51% stake in the bank.

Meanwhile, the stable outlook reflects S&P's expectation that the capital infusion would help the bank meet its regulatory capital requirement on a sustained basis. S&P also expects the likelihood of support to the bank from the Indian government.

Descriptions of credit ratings in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings document referred to in this news brief can be found here.