Correction: Axis Bank – Ratings Affirmed

(This announcement replaces the version published on 31 January 2025 and corrects an error in the participation disclosure.)

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Axis Bank’s (ABL) Long-Term Foreign Currency Rating (LT FCR) at ‘BBB-’ and the Short-Term Foreign Currency Rating (ST FCR) at ‘A3’. At the same time, CI Ratings has affirmed the Bank’s Bank Standalone Rating (BSR) of ‘bbb-’, Core Financial Strength (CFS) rating of ‘bbb’, and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR is affirmed as Positive and Stable, respectively.

The LT FCR Outlook was revised to Positive from Stable in October 2024, reflecting an expected improvement in CI’s internal assessment of sovereign risk and the high likelihood of extraordinary support from the government in the event of need. The high ESL is underpinned by the Bank’s large size, with total assets of USD184bn as at end Q3 FY25 (which…