Axis Bank’s Ratings Affirmed; Outlook Revised to Stable
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Summary
Ref: IN050 2 1 CRA 00- 0 1 4 February 202 2
Axis Bank’s Ratings Affirmed; Outlook Revised to Stable
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has revised the Outlook on the Long-term Foreign Currency Rating (FCR) and the Bank Standalone Rating (BSR) of Axis Bank Ltd (ABL) to Stable from Negative, and raised the Core Financial Strength (CFS) rating to ‘bbb’ from ‘bbb-’ . At the same time, ABL’s LT FCR, Short-term Foreign Currency Rating (ST FCR) and BSR of ‘BBB-’, ‘A3’ and ‘bb+, respectively, have all been affirmed. The E xtraordinary S upport L evel (ESL) remains High .
The change in the Outlook follows a revision in CI Ratings’ internal assessment of the creditworthiness of the Indian sovereign on the back of ongoing economic recovery from the Covid shock and an improved international liquidity position. It also reflects our…