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S&P rates Syndicate Bank BBB-, A-3
Standard & Poor's said it assigned its BBB- long-term and A-3 short-term counterparty credit ratings to Syndicate Bank.
The outlook is stable.
At the same time, S&P said it assigned its C bank fundamental strength rating on Syndicate Bank.
"The ratings reflect Syndicate Bank's average business profile and adequate profitability and its satisfactory funding and liquidity profile," said S&P credit analyst Ivy Tan.
"A constraining factor is Syndicate Bank's below average asset quality, contributed mostly from its retail portfolio. With 36.5% of its loans acquired between April 2006 and September 2007, the bank is exposed to the risk of rising nonperforming loans as they become seasoned."
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