General Announcement::Moody s Rating Action Update

Issuer & Securities

Issuer/ Manager
INDUSIND BANK LIMITED (ACTING THROUGH ITS INTERNATIONAL FINANCIAL SERVICES CENTRE BANKING UNIT)
Securities
INDUSINDBKUS$400M3.875%N220415 - XS1978939079 - JNNB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
03-Jun-2020 13:50:14
Status
New
Announcement Sub Title
Moody s Rating Action Update
Announcement Reference
SG200603OTHR6P52
Submitted By (Co./ Ind. Name)
Indusind Bank Limited
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
We wish to inform that Moody's Investors Service (Agency) have, vide their Rating Action dated June 2, 2020 communicated that Moody's have downgraded IndusInd's long-term local and foreign currency deposit ratings to Ba1 from Baa3 and 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 and the 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 (eMTNs) 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 on India International Exchange and on Singapore Stock Exchange.

Attachments

SEIntimationMoodysRatingJune22020.pdf
Total size =319K