CRISIL has reaffirmed 'AA+/Stable' ratings on the debt instruments of Dena Bank. The rating continue to reflect the expectation of strong support for Dena Bank from its majority owner, the Government of India (GoI), both on an ongoing basis and in the event of distress.

The ratings also factor in the bank's adequate capitalisation. These rating strengths are partially offset by the bank's average asset quality and modest earnings profile.

CRISIL believes that GoI will continue to extend need-based support to Dena Bank, helping the bank to maintain adequate capitalisation over the medium term. The outlook may be revised to 'Positive' if there is significant and sustained improvement in the bank's asset quality and earnings profile. Conversely, the outlook may be revised to 'Negative' if there is a significant deterioration in the bank's earnings profile or in its asset quality.

Shares of the company declined Rs 0.65, or 0.78%, to trade at Rs 82.95. The total volume of shares traded was 209,877 at the BSE (3.04 p.m., Friday).