Fitch affirms Centurion Bank of Punjab

Fitch Ratings said it affirmed the national short-term rating of Centurion Bank of Punjab Ltd.'s certificates of deposit program at F1+(ind) for an enhanced issue size of INR1 billion, up from the INR330 million rated earlier.

The national long-term A+(ind) rating on the bank's INR930 million subordinated debt has also been affirmed. The outlook is stable and the support rating has been affirmed at 5, Fitch noted.

The bank's ratings reflect the bank's improved capitalization and liquidity following the successful completion of the $80 million global depository receipt issue in March and substantial write-off of legacy non-performing loans in fiscal 2005.

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