Fitch rates Axis Bank debt AAA(ind)

Fitch Ratings said it assigned Axis Bank Ltd.'s Rs.20 billion subordinated lower tier 2 debt program a national long-term rating of AAA(ind), and affirmed the national long-term rating at AAA(ind) on its Rs.35 billion subordinated lower tier 2 debt program, AA+(ind) on its Rs.6.53 billion subordinated upper tier 2 debt program and AA+(ind) on its Rs.2.14 billion perpetual tier 1 debt program.

The outlook is negative.

The bank is dealing with greater vulnerability to the current challenging operating environment, given the rapid growth of its corporate loan book over the last two years, Fitch said.

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