Date:03/03/2004 URL: http://www.thehindubusinessline.com/2004/03/03/stories/2004030300921000.htm

Back Centurion Bank CoD gets `fair' credit rating

Our Bureau

Mumbai , March 2

FITCH Ratings India has placed the Certificate of Deposit (CoD) programme of Centurion Bank on `F3(ind)' grade, indicating fair credit quality. It is on rating watch with positive implications.

`F3(ind)' ratings indicate that the capacity for timely payment of financial commitments is adequate; however, near-term adverse changes could result in a reduction to non-investment grade.

Fitch said in a press release, "This follows the approval of the restructuring and recapitalisation programme of Centurion Bank and successful completion of the first phase of equity infusion under the new management."