India Ratings
India Ratings Affirms ING Vysya at ‘IND AA-’ India Ratings-Mumbai-3 December 2012: India Ratings has affirmed ING Vysya Bank’s Long-Term Issuer rating at ‘IND AA-’ with a Stable Outlook. The agency has also affirmed the bank’s INR3.9bn lower Tier 2 subordinated debt at ‘IND AA-’. The ratings reflect ING Vysya’s adequate capital position, improving asset quality and moderate funding profile. The ratings also factor in the bank’s relatively weak (although improving) profitability and relatively high proportion of loans to the traditionally volatile SME sector. While the ratings factor in the benefits to the bank’s franchise and systems/processes from its linkages with its parent ING Bank NV (ING; Fitch Ratings Viability Rating: ‘a’) under the ordinary course of business, the ratings are not driven by expectations of support from ING Bank NV/ING Group. ING Vysya’s capitalisation is currently adequate. However, the bank will need to raise capital regularly ...