Axis Bank Ltd.

Credit rating agency -- Fitch Ratings has affirmed Axis Bank's Long-Term Issuer Default Rating (IDR) at 'BB+', with a Stable Outlook. The agency has also downgraded the bank's Viability Rating (VR) by one notch to 'bb' from 'bb+'. The rating actions are driven by rapid deterioration in the operating environment for banks in India following the coronavirus pandemic and measures to contain its spread.

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.