UTI Banks CD rating reaffirmed

New Delhi: The Investment Information and Credit Rating Agency (ICRA) has reaffirmed the A1+ rating to the certificate of deposits (CD) programme of UTI Bank Ltd. The rating indicates highest safety in the short term.

According to an ICRA statement issued here, the short-term rating takes into account the steady improvement in asset quality and the consistent high growth in deposits.

The rating also factors in the strategic investment of 26 per cent by CDC Capital Partners in UTI Bank during December 2001 and the proposed preferential placement of shares to domestic insurance companies and AIG Sector Equity Fund.