Axis Bank Ltd.

Global ratings agency -- Standard and Poor's (S&P) has upgraded the outlook on Axis Bank from 'stable' to 'positive' citing an improvement in asset quality of the private sector lender. At the same time, the agency has affirmed ‘BB+’ long-term and ‘B’ short-term issuer credit ratings on the bank. It has also affirmed the ‘BB+’ long-term issue rating on the bank's outstanding debt.

The outlook revision reflects the view of a one-in-three chance that Axis Bank's asset quality could continue to improve such that the bank's credit costs and level of weak loans are commensurate with those of higher-rated Indian and international peers.

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.