Central Bank of India's Tier I-II bonds downgraded by CRISIL

Rating agency CRISIL has downgraded the tier-I and tier-II bonds ofCentral Bank of India to ‘AA’ from ‘AA+’ on expected weakening of credit profile on the sustained deterioration in asset quality and earnings. 
The Mumbai-based public sector lender is witnessing a sharp and sustained deterioration in asset quality. Its gross non-performing assets (NPA) increased significantly to 6.0 per cent as on June 30, from 1.8 per cent as on March 31, 2011.  The deterioration in the bank’s asset quality is also reflected in its higher-than-industry-average slippages at 5.6 per cent (annualised) for the quarter ended June 30, (3.5 per cent in 2012-13), CRISIL said in a statement

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