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Fitch Rates Axis Bank's USD500m Green Bonds Final 'BBB-'
May 24, 2016 / 10:51 AM / 2 years ago

Fitch Rates Axis Bank's USD500m Green Bonds Final 'BBB-'

(The following statement was released by the rating agency) MUMBAI/SINGAPORE, May 24 (Fitch) Fitch Ratings has assigned India-based Axis Bank Ltd's (BBB-/Stable) USD500m senior unsecured notes due June 2021 a final rating of 'BBB-'. This follows the completion of the securities issue, as well as the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on 22 May 2016. The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer. They will at all times rank pari passu among themselves and with all other unsubordinated and unsecured obligations of Axis Bank. The tenor of the issue is five years and the notes are issued by Axis Bank's Dubai International Financial Centre branch. KEY RATING DRIVERS - SENIOR DEBT The senior unsecured instruments are rated at the same level as the bank's Issuer Default Rating (IDR), in accordance with Fitch's criteria. Axis Bank's IDR is equal to its Viability Rating (VR) of "BBB-". Axis Bank is the third-largest private bank in India by asset size, and Fitch expects a moderate probability of support from the state, if required, as reflected in its Support Rating of '3' and Support Rating Floor of 'BB+'. For more details on Axis Bank's ratings and credit profile, see "Fitch Affirms Ratings on 9 Indian Banks; Downgrades PNB's VR", dated 31 August 2015, and Credit Update on Axis Bank dated 27 October 2015 and "Axis Bank Ltd. Ratings Navigator", dated 30 September 2015, available at RATING SENSITIVITIES - SENIOR DEBT A change in Axis Bank's IDR will have an impact on the securities' rating. Axis Bank's other ratings are unchanged and are as follows: - Long-Term IDR 'BBB-'; Outlook Stable - Short-Term IDR 'F3' - Viability Rating 'bbb-' - Support Rating '3' - Support Rating Floor 'BB+' - USD5bn global medium-term note programme 'BBB-' - USD1.75bn senior unsecured notes 'BBB-' Contact: Primary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Fitch Ratings Singapore Pte Ltd. 6 Temasek Boulevard #35-04/05 Suntec Tower 4 Singapore Secondary Analyst Saswata Guha Director +91 22 4000 1741 Committee Chairperson Mark Young Managing Director +65 6796 7229 Date of Relevant Rating Committee: 27 August 2015 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email:; Leslie Tan, Singapore, Tel: +65 67 96 7234, Email:; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: Additional information is available on Applicable Criteria Exposure Draft: Global Bank Rating Criteria (pub. 14 Apr 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ail=31 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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