We wish to inform that Moody's Investors Service (Agency) have, vide their Rating Action dated 02.06.2020 communicated that Moody's have downgraded IndusInd's long-term local & foreign currency deposit ratings to Ba1 from Baa3 & its BCA to ba2 from ba1. The rating outlook is negative. Moody's have clarified that the key drivers for rating downgrade is caused due to economic disruptions caused by the coronavirus & downgrade of the sovereign rating.The rating action of Moody's follows Moody's recent downgrade of the Indian government's issuer rating to Baa3 from Baa2 with a negative outlook.
The Rating Action Release by the Agency containing the reason for the above downgrade is attached.
On March 9, 2019, Moody's assigned Issuer Rating of 'Baa3' with a 'Stable Outlook' for the Euro Medium Term Notes and our Bank raised USD 400 million in April 2019 which works out to 1% of the Balance Sheet at current level.These bonds are listed India International Exchange & on Singapore SE.