Moody's places Yes Bank's ratings under review with direction uncertain

Moody's Investors Service has placed Yes Bank's long-term foreign currency issuer rating of B2 under review, with the direction uncertain.

Moody's has also placed the bank's long-term foreign and local currency bank deposit ratings of B2, and its foreign currency senior unsecured MTN program rating of (P)B2, under review, with the direction uncertain.

At the same time, Moody's has downgraded Yes Bank's Baseline Credit Assessment (BCA) and adjusted BCA to caa2 from b3.

The placing of Yes Bank's deposit rating of B2 under review reflects Moody's expectation that the bank's standalone viability is getting increasingly challenged by its slowness in raising new capital. Moody's points out that the potential credit risk to the bank's senior creditors is uncertain, because there are a number of diverse scenarios that could affect the rating in either positive or negative directions.

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