Rating agency Moody's today said the partial sale of the government's non-controlling interest in Axis Bank does not impact the bank's ratings.
Last week, the Government via the Specified Undertaking of UTI (SUUTI) sold 9 per cent stake in Axis Bank in the open market.
Following the sale, the government still holds a 11.7 per cent stake in the bank via SUUTI.
"The government's non-controlling interest did not separately factor into our rating of Axis, and the partial sale of it accordingly does not impact our credit analysis of the bank," Moody's said in a statement.
In contrast to public sector banks, Moody's for private sector banks do not factor in any ongoing support from the government, whether in the form of annual capital injections or through other means.
