India Ratings downgrades YES Bank to 'IND A+', says 'outlook is negative'

Private sector lender Yes Bank on Saturday said India Ratings and Research (Ind-Ra) has downgraded its long-term issuer rating to 'IND A+'.

"India Ratings and Research has downgraded Yes Bank Ltd's long-term issuer rating to 'IND A+' from 'IND AA-," the bank said in a BSE filing.

"The outlook is negative. The agency has affirmed the bank's short-term issuer rating at 'IND A1+'," it added.

According to Ind-Ra, 'IND AA' rating signifies "high degree of safety" regarding timely servicing of financial obligations, while instruments rated 'IND A' have "adequate degree of safety".