ICRA downgrades IDBI
New Delhi: Domestic rating agency ICRA on Monday lowered the long term and medium ratings of Industrial Development Bank of India, citing its asset quality and pressures on profitability.

IDBI, with Rs 71,000 crore of assets, has thus become the second government-owned financial institution after IFCI, to be downgraded by a local rating agency. ICRA said that it had downgraded the long term rating to LAA+, indicating high safety, from LAAA, which stands for highest safety.

The medium term rating was reduced to MAA+, indicating high safety, from MAAA or highest safety. The agency, however, retained IDBI's short term rating at the highest safety level of A1+.
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UTI assets dip to 5-yr low
Mumbai: Assets under the management of the Unit Trust of India have fallen to their lowest level in the last five years. As of end September 2001 UTIs assets had dipped to a new low of Rs 49,213 crore.
UTI, which once commanded as much as 80 per cent of the industrys assets under management, today had a market share of only 53.6 per cent.
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