Fitch affirms Kotak Mahindra Bank

Fitch Ratings said it affirmed the AA+(ind) national long-term rating of Kotak Mahindra Bank Ltd.'s (KMBL) Rs. 2.4 billion subordinated debt.

Fitch noted the action follows the announcement by the bank's capital market subsidiaries that they will purchase Goldman Sachs' minority stake in these companies.

At the same time, the agency said it affirmed the F1+(ind) rating of the bank's short-term debt program.

KMBL's ratings are also affirmed at national long-term AA+(ind) and support 5, Fitch noted.

The outlook is stable.

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