Axis Bank – BSR Outlook Raised to Positive; Foreign Currency Ratings Affirmed

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

Axis Bank – BSR Outlook Raised to Positive; Foreign Currency Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has revised the Outlook on the Bank Standalone Rating (BSR) of Axis Bank Ltd (ABL) to Positive from Stable ; the BSR has been affirmed at ‘bb+’. At the same time, CI Ratings has affirmed ABL’s Long-Term Foreign Currency Rating (LT FCR) at ‘BBB-’, Short- T erm Foreign Currency Rating (ST FCR) at ‘A3’ , and Core Financial Strength (CFS) at ‘bbb’. The LT FCR Outlook of Stable and Extraordinary Support Level (ESL) of High have also been affirmed .

The revision of the BSR Outlook to Positive is underpinned by the continuing improvement in the Bank’s key financial parameters which we believe are sustainable. The rating action also reflects the Bank’s stronger underwriting standards , as…