Axis Bank’s Ratings Affirmed

Axis Bank’s Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Axis Bank Ltd (ABL) at ‘BBB-’ and ‘A3’, respectively. At the same time, CI Ratings has affirmed ABL’s Bank Standalone Rating (BSR) of ‘bb+’ and Core Financial Strength (CFS) rating of ‘bbb-’. The Outlook for the LT FCR and BSR remains Negative, in line with CI’s internal assessment of India’s sovereign risk.

ABL’s LT FCR is set one notch above the BSR, reflecting the high likelihood of extraordinary support from the government in case of need. The Bank’s Extraordinary Support Level (ESL) of High is underpinned by its strong domestic presence and systemic importance as one of the country’s largest banks.

ABL’s BSR is derived from a CFS rating of ‘bbb-’ and an Operating Environment Risk Anchor…