Fitch rates Axis Bank notes BBB-

Fitch Ratings said it assigned an expected rating of BBB- to Axis Bank Ltd.’s proposed $500 million senior unsecured debt.

The notes, which would be the first green-bond issuance from the bank, will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer, Fitch said.

The notes will rank at all times pari passu among themselves and with all other unsubordinated and unsecured obligations of Axis Bank, the agency said.

The proceeds will be used to fund environmentally friendly projects, Fitch said.

The tenor of the banks is likely to be about five years, the agency said.

The senior unsecured instruments are rated at the same level as the bank’s issuer default rating, Fitch said.

The bank also has a long-term issuer default rating of BBB-, short-term issuer default rating of F3 and viability rating of BBB-, the agency said.

© 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.