Fitch affirms South Indian Bank

Fitch Ratings said it affirmed South Indian Bank's national long-term rating at A+(ind), along with its Rs. 2.65 billion lower tier 2 debt at A+(ind).

The outlook is stable.

The ratings reflect its well-established franchise in its home state of Kerala that accounted for 30% of loans and 41% of deposits at the end of March 2011, Fitch said.

But, such loans may now come under pressure from rising interest rates and volatile gold prices, Fitch said.

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