HDFC Bank’s Ratings Affirmed

Ref: IN028 20 CRA 00- 0 1 17 February 2021

HDFC Bank’s Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of HDFC Bank at ‘BBB-’ and ‘A3’, respectively. At the same time , CI Ratings has affirmed HDFC Bank’s Bank Standalone Rating (BSR) of ‘ bbb- ’, Core Financial Strength (CFS) rating of ‘ a- ’ and Extraordinary Support Level (ESL) of High . The Outlook for the LT FCR and BSR remains Negative , in line with CI’s internal assessment of India’s sovereign risk .

The LT FCR is not uplifted for extraordinary support since the BSR is already in line with CI’s internal assessment of the government’s creditworthiness. However, the likelihood of the Bank receiving assistance from the government in the event of need is high, given its large size, systemic…