Credit rating agency Fitch has announced having given the top most rating to private sector lender HDFC Bank. The bank has bagged this rating owing to its commendable performance in both operational as well as financial domains.
"Fitch Ratings has today affirmed India-based HDFC Bank Ltd's national long-term rating at 'AAA(ind)'," Fitch Ratings said.
Fitch Ratings said that HDFC Bank has been given 'F1+(ind)' rating, which is the highest short term rating offered by the agency.
"...rating reflects its robust financial and operational performance, which has consistently outperformed that of its larger domestic peers and is amongst the best in the Indian banking system. The ratings are underpinned by the bank's steady track record of growth, current account-savings account (CASA) focused strategy, and good risk management," it added.
Top ratings have also been given to the tier II loans of the bank worth Rs 3,993 crore and certificates of deposits of Rs 15,000 crore.
"The ratings also reflect the bank's credible management which has pursued growth strategies (both organic and inorganic) without compromising on critical areas of asset quality, capital ratios, yield spread and profitability," Fitch said.