Fitch revises Allahabad Bank's outlook to stable

Fitch Ratings has revised the outlook on Allahabad Bankto Stable from Positive.

It also affrimed the bank's National Long-Term rating at 'Fitch AA(ind)'.

AllBank's INR5.2bn lowertier II subordinated debt has been affirmed at 'Fitch AA(ind)'.

The Outlook revision reflects AllBank's increased vulnerability to stressed assets in sectors such as power/state electricity boards and aviation, whose financial performance has been steadily deteriorating. This is not in line with Fitch's earlier expectation of an improvement in the bank's asset quality.

The ratings are supported by Fitch's expectation of continued moderate support from the bank's ultimate owner - the Government of India, with a 58% stake, given its position as India's 13th largest government bank and a strong regional franchise in the northern and eastern parts of the country with an increasing pan-India presence.

AllBank's robust profitability and reasonably strong funding and liquidity profiles also support its ratings.

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