Axis Bank – Bank Standalone Rating Upgraded; FCRs Affirmed

Ref: IN050 2 3 CRA 00- 0 1 2 February 202 4

Axis Bank – B ank S tandalone R ating Upgraded ; FCRs Affirmed

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has raised Axis Bank’s (ABL) Bank Standalone Rating (BSR) to ‘ bbb -’ from ‘bb+’ and at the same time revised the Outlook on the BSR to Stable from Positive. CI Ratings has also affirmed the Bank’s Long-term Foreign Currency Rating (LT FCR) and Short-term Foreign Currency Rating (ST FCR) of ‘BBB-’ and ‘A3’, respectively, the Core Financial Strength (CFS) rating at ‘ bbb ’ , and the Extraordinary Support Level (ESL) at High. The Outlook on the LT FCR remains Stable.

The revision of the BSR is underpinned by the continuing improvement in the Bank’s key financial parameters , as well as the strengthening credit environment in India (as reflected in a one notch increase in the Operating…