S&P rates Axis Bank program A-1

Standard & Poor's said it assigned an A-1 short-term rating to the proposed $200 million U.S. commercial paper program of Axis Bank Ltd., which has BBB- and A-3 ratings with a stable view.

This program is supported by a $200 million irrevocable direct-pay letter of credit issued by Bank of America NA.

The notes constitute direct, unconditional, unsubordinated and unsecured obligations of Axis Bank, and will rank pari passu with all of the bank's unsecured and unsubordinated obligations, the agency said.

The ratings will change if the short-term counterparty credit rating on Bank of America changes or if the transaction structure materially changes, S&P said.

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