Axis Bank Ltd.

Moody’s Investors Service has affirmed the local currency and foreign currency bank deposit ratings of Axis Bank at Baa3/P-3, respectively. At the same time, Moody’s has downgraded the baseline credit assessments (BCAs) and adjusted BCAs of Axis Bank to ba1 from baa3.

Furthermore, Moody's has downgraded the Counterparty Risk Assessments (CR Assessments) of Axis Bank to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr). The outlooks on all ratings, where applicable, have been revised to stable from positive.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.