S&P upgrades outlook on Axis Bank to positive on improved asset quality

Private lender's loan growth and profitability should improve as economic activity gains pace in India, says agency.

Representative image

Representative image

Abhijit Lele Mumbai
Standard and Poor's (S&P) on Wednesday revised its outlook for India's Axis Bank from "stable" to "positive", citing improved asset quality of the privately owned lender.

The rating agency affirmed 'BB+' long-term and 'B' short-term issuer credit ratings on the bank under revised criteria.

In December 2021, the agency had set out details of revision in criteria for rating banks and non-bank financial institutions. It revised norms for Banking Industry Country Risk Assessment (BICRA).

First Published: Jan 26 2022 | 08:35 AM IST

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