Rating agency ICRA has downgraded the ratings for IDBI Bank (IDBI) 1 Rs 80 billion Infrastructure Bonds Programme, Rs 2.30 billion Flexi Bonds Series, Rs 257.42 billion Senior & Lower Tier II Bonds Programme and Rs 700 million Subordinated Debt Programme (of the erstwhile IDBI Home Finance) to [ICRA]AA- (pronounced ICRA double A minus) from [ICRA]AA (pronounced ICRA double A).

ICRA has also downgraded the rating for the bank's Rs 50 billion Basel III Complaint Tier II Bonds to [ICRA]AA-(hyb) (pronounced ICRA double A minus hybrid) from [ICRA]AA(hyb) (pronounced ICRA double A hybrid), for the Rs. 25 billion Additional Tier I Bonds Programme under Basel III to [ICRA]A(hyb) (pronounced ICRA A hybrid) from [ICRA]A+(hyb) (pronounced ICRA A plus hybrid) and for the Rs. 42.86 billion Upper Tier II Bonds Programme and Rs. 17.08 billion Basel II Compliant Perpetual Bonds Programme to [ICRA]A+(pronounced ICRA A plus) from [ICRA]AA-.

ICRA has also downgraded the medium-term rating on the bank’s Fixed Deposits Programme to MAA (pronounced M double A) from MAA+ (pronounced M double A plus). ICRA has reaffirmed the rating on the Rs. 350 billion Certificates of Deposit Programme at [ICRA]A1+ (pronounced ICRA A one plus). The outlook on all long-term and medium-term ratings is negative.

Shares of the bank declined Rs 1.55, or 1.9%, to trade at Rs 80.20. The total volume of shares traded was 53,775 at the BSE (9.50 a.m., Monday).