Moody’s gives Baa3 to Axis Bank notes

Moody's Investors Service said it assigned a Baa3 rating to Axis Bank Ltd., DIFC Branch's proposed $500 million senior unsecured notes, issued under its $5 billion global medium-term note program.

The drawdown will be listed on the London Stock Exchange and the Singapore Stock Exchange.

The outlook is stable.

Moody’s said the Baa3 senior unsecured debt rating is anchored on Axis Bank's ba1 baseline credit assessment (BCA) and the high likelihood of systemic support in the event of a crisis.

The baseline credit assessment is underpinned by the bank’s solid commercial and retail banking franchise as the third-largest private-sector bank in India, the agency added. It also factors in the recent deterioration in its asset quality.

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