MUMBAI: Global analytical company providing Ratings, Research and Risk & Policy Advisory CRISIL has reaffirmed the rating of fixed deposit of J&K Bank to FAA- and removed it from Rating Watch with Negative Implications.
FAA reflects very high degree of timely payments of interest and principal.
Notably, the rating agency had on November 8, 2016 placed the rating on Watch with Negative Implications on account of the pressure on asset quality compounded by the increase in stress in the advances to small and medium sized enterprises, MSME and corporate within certain regions of J&K. This was in addition to the continued slippages from its large ticket corporate loan book.
Pertinently CRISIL has also reaffirmed the banks short-term fixed deposits and certificate of deposits programme at CRISIL A1+, indicating the very strong degree of safety regarding timely payment of financial obligations.
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