REG - Axis Bank Ltd - S & P Global Rating Action

Axis BankAnnouncement

29/06/2020 07:01

RNS Number : 2894R
  
Axis Bank Limited
  
27 June 2020
  
 

 
AXIS/CO/CS/146/2020-21
 
27th June 2020
  
Dear Sir(s),
 
SUB.: S&P GLOBAL RATING ACTION. 
REF.:  DISCLOSURE UNDER REGULATION 30 READ WITH PARA A OF SCHEDULE III AND REGULATION 46(2) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.
 
This is to inform you that, the credit rating agency S&P Global Ratings ('S&P'), has downgraded the Foreign Currency Ratings of the Bank, given as follows:
 




Sr. No.


Type of Rating 


Current Rating 


Previous Rating




1


Axis Bank Limited, Issuer Credit Rating


BB+/Stable/B


BBB-/Negative/A-3




2


Axis Bank Limited, DIFC branch Senior Unsecured Rating


BB+


BBB-




3


Axis Bank Limited, Gift City branch Senior Unsecured Rating


BB+


BBB-




4


Axis Bank Limited, Hong Kong branch Senior Unsecured Rating


BB+


BBB-




 
Further, please note that as confirmed by S&P, the rating report inadvertently mentions the Bank being on CreditWatch. In this regard, S&P has confirmed that it is an editorial error and Bank is on STABLE outlook.
 
The rating action letter by S&P Global Ratings containing the reason for above downgrade is given as link below. 
 
http://www.rns-pdf.londonstockexchange.com/rns/2894R_1-2020-6-27.pdf
 
We wish to inform you that, the domestic debt instruments issued by the Bank continue to be rated 'AAA / AA+' by all four rating agencies, i.e. CRISIL, ICRA, CARE and India Ratings.
 
You are requested to take note of above and arrange to bring it to the notice of all concerned.
 
Thanking You.
 
Yours sincerely,
 
For Axis Bank Limited
 
 
 
Girish V. Koliyote
Company Secretary 
Encl.: as above
 


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