Standard & Poor's (S&P) has assigned a 'BBB-' rating for the long-term and an 'A-3' short term counterparty credit rating to HDFC Bank. HDFC Bank, which is the second largest private sector bank, is the first bank in India to receive such a high credit rating. S&P has declared a stable outlook on the bank and has assigned a 'C' rating for the fundamental strength of the bank. As per a S&P release, the ratings reflect bank's strong market position in the domestic industry, good financial profile supported by strong earnings, healthy capitalisation, good loan quality and diversification, apart from bank's sound management.
Source: Economic Finance dated 18th Jan 2008
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