Fitch affirms Andhra Bank

Fitch Ratings said it affirmed Andhra Bank's national long-term rating at AA+(ind), Rs. 20.4 billion lower tier 2 bonds at AA+(ind), national short-term rating at F1+(ind) and certificates of deposit program for an enhanced amount of Rs. 40 billion at F1+(ind).

The outlook is stable.

While asset quality is expected to deteriorate through 2011, Fitch said the bank has adequate defenses in the form of loan loss reserve coverage and capital.

The bank has an established track record of managing the risks of its high exposure to medium-sized companies and its non-performing loan ratios have consistently been amongst the strongest in the industry, the agency said.

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