Moody's assigns HDFC securities Ba3

Moody's Investors Service said it assigned a Ba3 (hyb) rating to HDFC Bank Ltd.’s planned dollar-denominated undated non-cumulative and subordinated additional tier 1 capital securities.

“The Ba3 (hyb) rating is three notches below HDFC Bank's baa3 baseline credit assessment (BCA) and adjusted BCA, reflecting the probability of impairment associated with non-cumulative coupon suspension, as well as the likelihood of high loss severity when the bank reaches the point of non-viability,” Moody’s said in a press release.

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