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Yes Bank - Moody's upgrades Yes Bank to B3 following equity capital raising; outlook stable

Moody's Investors Service has upgraded Yes Bank's long-term foreign currency issuer rating to B3 fro

Moody's Investors Service has upgraded Yes Bank's long-term foreign currency issuer rating to B3 from Caa1.

  • Moody's has also upgraded the bank's long-term foreign and local currency bank deposit ratings to B3 from Caa1, and its foreign currency senior unsecured MTN program rating to (P)B3 from (P)Caa1.
  • In addition, Moody's has upgraded the bank's long-term local and foreign currency Counterparty Risk Ratings (CRR) and long-term Counterparty Risk (CR) Assessment to B3 from Caa1 and B3(cr) from Caa1(cr) respectively.
  • At the same time, Moody's has upgraded Yes Bank's Baseline Credit Assessment (BCA) and Adjusted BCA to caa2 from ca.
  • The outlook on Yes Bank's ratings where applicable is changed to stable from positive.

RATINGS RATIONALE

Yes Bank's successful equity capital raise of INR150 billion (about $2 billion) has bolstered its solvency and is the main driver of the ratings upgrade.

Full read: Yes Bank Moodys rating upgrade.pdf (351.00 kb)

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