Fitch rates Axis Bank BBB-

Fitch Ratings said it assigned Axis Bank Ltd. a long-term foreign-currency issuer default rating of BBB-, along with a BBB- rating to its foreign-currency senior notes under the bank's €2 billion medium-term note program.

The ratings reflect the company's track record of strong profitability and improved capitalization ratios, which remain among the best in the Indian banking system and also compare well with the median for international banks, Fitch said.

While the bank's absolute non-performing loans increased by 47% in spite of aggressive write-offs at the end of March 2010, the buoyant economy and the improved credit outlook are expected to moderate any further increase, the agency said.

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