MUMBAI: RBL Bank has secured a credit rating above India’s sovereign rating with Moody’s assigning the lender a first-time Baa2 long-term issuer and deposit rating, one notch above India’s Baa3 sovereign rating, on expectations of support from its majority shareholder, Emirates NBD Bank. The rating agency assigned a stable outlook.The higher rating follows Emirates NBD’s acquisition of a 60% controlling stake in RBL in June through an investment of Rs 26,000 crore, the largest foreign direct investment in an Indian bank at the time. Moody’s said it expects the Dubai-based lender to support the bank in times of need. It therefore assigned a two-notch uplift over the bank’s standalone credit profile. TNN
