CareEdge Global IFSC Limited has assigned a ‘CareEdge BBB+/Stable’ long-term foreign currency rating to RBL Bank Limited’s (RBL) USD 350 million foreign currency notes. The rating agency also reaffirmed RBL’s long-term foreign currency issuer rating and its USD 1 billion Euro Medium-Term Notes (EMTN) programme at the same rating. The rationale highlights expected extraordinary support from RBL’s promoter, Emirates NBD Bank.
RBL Bank Secures Stable Foreign Currency Ratings
CareEdge Global IFSC Limited has announced the assignment of a ‘CareEdge BBB+/Stable’ long-term foreign currency rating to RBL Bank Limited’s (RBL) USD 350 million foreign currency notes. This rating signifies a stable outlook for the bank’s ability to meet its long-term financial commitments in foreign currency.
Issuer and EMTN Programme Rating Reaffirmed
In addition to the new notes, CareEdge Global Ratings has also reaffirmed RBL’s existing long-term foreign currency issuer rating at ‘CareEdge BBB+/Stable’. The rating agency has further confirmed the rating for RBL’s USD 1 billion Euro Medium-Term Notes (EMTN) programme, maintaining the ‘CareEdge BBB+/Stable’ outlook. These reaffirmations suggest continued confidence in RBL’s financial strength and strategic positioning.
Support from Promoter Drives Rating
The rating rationale emphasizes the expected extraordinary support from RBL’s promoter, Emirates NBD Bank P.J.S.C. (ENBD), which holds a 60% stake in RBL. This strong parental backing is a key factor in the stable rating, given RBL’s strategic importance as ENBD’s principal banking platform in India. The infusion of capital and ENBD’s commitment are considered significant strengths bolstering RBL’s capitalisation and loss-absorption capacity.
Key Financial Metrics and Outlook
As of March 31, 2026, RBL’s total assets stood at Rs 1,802 billion, with a profit after tax of Rs 9 billion. The Capital Adequacy Ratio (CAR) was reported at 14.2%, while the Gross Non-Performing Asset (GNPA) ratio stood at 1.5%. The stable outlook reflects CareEdge Global’s expectation that RBL will benefit from continued financial, managerial, and operational support from ENBD, maintaining strong capitalisation while gradually rebalancing its portfolio towards lower-risk assets.
Instrument Details
The ratings cover:
- Foreign currency notes (USD 350 million): Rated CareEdge BBB+/Stable.
- Euro medium-term notes (USD 1 billion): Rated CareEdge BBB+/Stable.
The rating history indicates that these ratings were reaffirmed on September 11, 2026, with previous ratings for the Euro medium-term notes and issuer rating also at CareEdge BBB+/Stable, dating back to September 08, 2026.
Source: BSE
