New Delhi: Private sector HDFC Bank today said it is in the process of carrying out modifications to the structure of all the issuances amounting to about $1.2 billion done from Bahrain following lowering of the sovereign rating of the gulf nation.
"The bank is in the process of carrying out modifications to the structure of all the issuances done from Bahrain in order to ensure that the bonds issued by HDFC Bank are insulated from any rating actions on the host country," the bank said in a regulatory filing to the stock exchanges.
"On February 17, S&P lowered its long and short term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain to BB/B (stable) from BBB-/A3 (negative)," it added.
As per the bank, the rating criteria published by S&P restrict the rating of any bond issued in a jurisdiction to the host country rating. Consequent to the recent rating action on Bahrain, the bonds issued by HDFC Bank may also be subject to rating action by S&P, it said.
HDFC Bank has outstanding bonds totaling to approximately $1.20 billion issued from Bahrain branch.
"These bonds have a dual rating from Standard & Poor's (S&P) of BBB- and Moody's of Baa3. The Issuer Rating of HDFC Bank by S&P and Moody's is BBB- and Baa3 respectively," the filing said.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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