HDFC Bank’s Ratings Affirmed

Ref: IN028 2 3 CRA 00- 0 1 16 February 2024

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 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 Stable.

The LT FCR is not uplifted for extraordinary support since the BSR is already aligned with CI’s internal assessment of the sovereign’s creditworthiness. The likelihood of the Bank receiving assistance from the…