HDFC Bank’s Ratings Affirmed

Ref: IN028 2 2 CRA 00- 0 1 17 February 202 3

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 Ltd at ‘BBB-’ and ‘A3’, respectively. At the same time, CI Ratings has affirmed the 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 is Stable.

The LT FCR is not uplifted for extraordinary support since the BSR is already aligned with CI’s internal assessment of the government’s creditworthiness. T he likelihood of the …