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.
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)