Moody’s upgrades Yes Bank rating, changes outlook to ‘stable’

's upgrades Yes Bank ratingchanges

Moody’s said on Thursday that it upgraded Yes Bank’s rating while changing the outlook to “stable” based on the equity raising plan announced last week.

The global rating agency raised the long-term foreign currency issuer rating and the long-term foreign and local currency reverse deposit rating of the private sector to ‘Ba3’ from ‘B2’.

It also revised Yes Bank’s rating outlook to ‘stable’ from ‘positive’ and also revised its baseline credit risk assessment (BCA) to ‘b1’ from ‘b3’.

“The upgrade of Yes Bank’s BCA and ratings reflects the bank’s planned increase in equity capital, which will support its credit profile and strengthen its resilience to potential asset quality risks from headwinds such as higher inflation and tighter global financial conditions,” Moody’s Investors Service said in release.

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