S-P upgrades Axis Bank's long term issuer rating from 'BB+' to 'BBB-'

The upgrade reflects Indian private lender's good asset quality and expectation that the bank will maintain it over the next one to two years

Photo: Bloomberg
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Photo: Bloomberg

Abhijit Lele
Global rating agency Standard and Poor's (S&P) has upgraded Axis Bank's long term issuer rating from "BB+" to "BBB-" reflecting adequate financial strength.

The upgrade reflects the Indian private lender's good asset quality and expectation that the bank will maintain it over the next one to two years. The lender is now in the investment grade category.

The stable outlook on Axis Bank reflects the view that the bank will maintain its strong market position in India's banking sector over the next two years.

Axis Bank should be able to maintain its good asset quality, supported by stable macroeconomic conditions

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First Published: Nov 22 2022 | 8:55 AM IST

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