Moody's: Axis drawdown Baa2

Moody's Investors Service said it assigned a Baa2 rating to Axis Bank Ltd.'s proposed dollar-denominated senior notes drawdown from its €2 billion medium-term note program through its Dubai International Financial Centre Branch.

The outlook is stable.

Moody's said the Baa2 is underpinned by Axis' long-term scale rating equivalent of its standalone bank financial strength. Although Moody's assesses the Indian government to be highly supportive of its banking sector, the Baa2 rating does not benefit from any support from its standalone rating.

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