Investors should keep an eye on Federal Bank stock for future trading. The bank announced that CRISIL Ratings has upgraded its long-term fixed deposit rating while maintaining its short-term rating.
The announcement was made after market hours on Friday, after the stock had limited gains on the day.
In detail, CRISIL affirmed its short-term fixed deposit rating at CRISIL A1+ and maintained the same rating for negotiable certificates of deposit worth Rs 15,000 crore.
Meanwhile, the long-term rating for fixed deposits of Rs 1,000 crore has been upgraded from CRISIL AA+ Positive to CRISIL AAA Stable.
CRISIL also upgraded the ratings of two other companies – Federal Bank Financial Services and Yuken India. Yuken India reported that CARE Ratings has upgraded its long-term banking facility rating to CARE BBB+ Stable and maintained its short-term banking facility rating at CARE A3+.
Federal Bank Financial Services shared that while the commercial paper rating remains unchanged, the non-convertible debt credit rating has been upgraded.
Notably, Federal Bank Limited holds a 61% stake in Federal Bank Financial Services, according to end-June figures.
