Will ICRA downgrade impact Oriental Bank?

ICRA has downgraded the rating of Oriental Bank of Commerce’s ₹500-crore bond programme to ICRA A+ from ICRA AA - and the ₹1,200-crore Tier-II bond programme to [ICRA]AA- from [ICRA]AA. The rating agency also downgraded the ₹3,000-crore Tier-II bond programme (Basel-III compliant) to AA- (hybrid) from AA (hybrid) and the ₹2,000-cr programme to A (hyb) from A+ (hyb). The outlook on the long-term rating is retained at negative. Shares may come under pressure.