HDFC Bank raised share capital of about Indian rupees (INR) 98 billion through a fresh equity placement. The transaction is likely to strengthen the India-based bank's capitalization. We are affirming the issuer credit ratings on HDFC Bank at 'BBB-/A-3'. The stable outlook reflects our view that the bank will maintain its credit profile over the next 12-24 months. On Feb. 6, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term issuer credit ratings on India-based HDFC Bank Ltd. The outlook on the long-term rating is stable. At the same time, we affirmed the 'BBB-' long-term issue ratings and 'cnA-' long-term Greater China regional scale ratings on the bank's outstanding senior unsecured notes. We affirmed the ratings
