Fitch: Axis Bank notes BBB-

Fitch Ratings said it assigned a final rating of BBB- to Axis Bank Ltd.'s $250 million foreign-currency senior unsecured notes.

The notes are to be issued by the bank's Dubai International Financial Centre branch under its €2 billion medium term notes program.

The final rating is in line with the expected rating assigned Aug. 21, the agency said.

The tenor of the notes is five years. This issuance is in addition to the $500 million senior notes issued by the bank in March 2012 under the program.

The notes are rated at the same level as the bank's long-term foreign-currency issuer default rating of BBB- as they represent direct, unsubordinated and senior unsecured obligations of the bank and rank equally with all its other unsecured and unsubordinated obligations, Fitch said.

The bank also has a long-term foreign-currency issuer default rating of BBB-, short-term foreign-currency issuer default rating of F3, viability rating of BBB-, foreign-currency senior debt rating of BBB-, €2 billion medium-term program rating of BBB-, BBB- rating on its 750 million senior unsecured notes, national long-term rating of AAA(ind), AAA(ind) rating on its Rs. 57 billion subordinated lower tier 2 debt program of AAA(ind), Rs. 6.53 billion subordinated upper tier 2 debt program rating of AA+(ind) and Rs. 2.14 billion perpetual tier 1 debt program rating of AA+(ind).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.