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Global rating agency Standard & Poor’s (S&P’s) rating action against Axis Bank and Bajaj Finance is unlikely to have material impact on the two financiers as the overseas borrowing quotient constitutes only a nominal portion in their liability mix. However, experts said it could have some sentimental impact in the domestic markets.
With a notch downgrade by S&P, international issuer ratings of Axis Bank and Bajaj Finance now stand BB+, which is junk or non-investment grade. The latter indicates higher risk of potential defaults. The rationale for the rating action is challenging or worsening operating environment amid Covid-19, taking a
