Incorporated in August 1994 as HDFC Bank Limited, the bank now has a wide network of over 531 branches across 228 cities in India, and over a thousand networked ATM’s. Credit Rating HDFC Bank has its deposit programmes rated by two rating agencies - Credit Analysis & Research Limited. (CARE) and Fitch Ratings India Private Limited. The Bank’s Fixed Deposit programme has been rated ’CARE AAA (FD)’ [Triple A] by CARE, which represents instruments considered to be ’’of the best quality, carrying negligible investment risk’’. CARE has also rated the Bank’s Certificate of Deposit (CD) programme ’’PR 1+’’ which represents ’’superior capacity for repayment of short term promissory obligations’’. Fitch Ratings India Pvt. Ltd. (100% subsidiary of Fitch Inc.) has assigned the ’’tAAA (ind)’’ rating to the Bank’s deposit programme, with the outlook on the rating as ’’stable’’. This rating indicates ’’highest credit quality’’ where ’’protection factors are very high’’. HDFC Bank also has its long term unsecured, subordinated (Tier II) Bonds of Rs.4 billion rated by CARE and Fitch Ratings India Private Limited. CARE has assigned the rating of ’’CARE AAA’’ for the Tier II Bonds while Fitch Ratings India Pvt. Ltd. has assigned the rating ’’AAA(ind)’’ with the outlook on the rating as ’’stable’’. In each of the cases referred to above, the ratings awarded were the highest assigned by the rating agency for those instruments.