Credit Rating agency -- India Ratings has downgraded Yes Bank long-term ratings to ‘AA’ with negative outlook. The development comes a day after another rating agency Icra lowered the bank’s rating. India Ratings has downgraded the bank's long-term ratings, while reaffirming short term rating.
However, the bank had also reported its maiden loss of over Rs 1,506 crore in the March quarter, driven by a near ten-fold spike in provisions.
Yes Bank is engaged in providing banking services, including corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and wealth management.
