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Fitch lifts Axis Bank
Fitch Ratings said it upgraded Axis Bank Ltd.'s national long-term rating to AAA(ind) from AA+(ind), along with its individual rating to C from C/D and support rating to 3 from 4. The ratings of the bank's debt programs also have been upgraded. Its Rs. 25 billion subordinated lower tier 2 debt program to AAA(ind) from AA+(ind), Rs. 6.53 billion subordinated upper tier 2 debt program to AA+(ind) from AA(ind), Rs. 2.14 billion perpetual tier 1 debt program to AA+(ind) from AA(ind).
The outlook is stable.
The upgrade reflects the bank's diversity of income streams, Fitch said, and high proportion of deposits and improved asset quality ratios, which are now amongst the best in the Indian banking system.
The bank has established a pan-India branch network and an increasing share of banking system assets, resulting in an upgrade of its support rating, the agency added.
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