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Our Bureau

Mumbai, Dec 14 International ratings agency, Fitch Ratings, today upgraded Axis Bank’s National Long-term rating to ‘AAA (ind)’ from ‘AA+(ind)’.

Fitch has also upgraded the bank’s individual rating to ‘C’ from ‘C/D’ and Support rating to ‘3’ from ‘4’.

The ratings of debt programmes have also been upgraded, said a press release from Fitch.

The upgrade reflects the bank’s diversity of income streams (including strong fee incomes), high proportion of stable ‘current and savings account’ (CASA) deposits and improved asset-quality ratios, which are now amongst the best in the Indian banking system.

The bank’s capital is now comparable to the larger public sector banks in India, after it raised Rs 4,530 crore through an equity issue in July 2007.

This will help it to sustain its growth momentum, and absorb any deterioration in asset quality that may result from the increasingly challenging macro-environment, the release said.

Over the years, the bank has also established a pan-India branch network and an increasing share of banking system assets, resulting in an upgrade of its support rating, the result added.

More Stories on : Credit Rating | Private Banks

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