Moody's upgrades Yes Bank to B3 following equity capital raising
August 04, 2020  11:28
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Moody's Investors Service has upgraded Yes Bank's long-term foreign-currency issuer rating to B3 from Caa1.It has also upgraded the bank's long-term foreign and local currency bank deposit ratings to B3 from Caa1 and its foreign currency senior unsecured MTN programme rating to (P)B3 from (P)Caa1.

In addition, Moody's has upgraded the bank's long-term local and foreign currency counterparty risk ratings and long-term counterparty risk assessment to B3 from Caa1 and B3(cr) from Caa1(cr) respectively.At the same time, it has upgraded Yes Bank's baseline credit assessment and adjusted BCA to caa2 from ca. 

The outlook on Yes Bank's ratings where applicable is changed to stable from positive.Moody's said Yes Bank's successful equity capital raise of Rs 15,000 crore has bolstered its solvency and is the main driver of the rating upgrade.

"The successful equity raising showcases Yes Bank's regained access to external market funds which is a result of its improving financial strength and will support depositor confidence." -- ANI
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