Axis Bank Ltd.

Credit rating agency -- S&P Global Ratings has upped its credit rating on Axis Bank with a stable outlook on expectations that the private sector lender will maintain good asset quality over the next two years. The long-term and short-term issuer credit rating on Axis Bank has been raised to 'BBB-/A-3' from 'BB+/B'.

The outlook on the long-term rating is stable. The long-term issue rating on the bank's senior unsecured notes has been raised to 'BBB-' from 'BB+'. The stable outlook reflects the bank's strong market position, ample capital buffers, and stable deposit base.

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.