Housing Finance company gets BBB+

INDIA'S leading housing finance company has been rated by a top financial rating agency as one of the strongest banking institutions in the country.

Standard and Poor’s (S&P) gave a credit rating to ten Indian banks and said their outlook was stable.

Out of the top four Indian Banks in the list, S&P rated the Housing Development Finance Corporation (HDFC) Bank  as having a strong business position with its capital, earnings and risk position “adequate”, and its funding and liquidity position to be “above average and strong.”

The bank which also helps British families buy property in India was given a rating of BBB+ by the agency.

The rating shows “adequate protection parameters” but “a weakened capacity to meet obligations under adverse economic conditions.”

State Bank of India (SBI) and ICICI Bank  received a ‘BBB’ whilst Axis Bank received a BBB-.

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