(The following statement was released by the rating agency)
Aug 21 - Fitch Ratings has assigned India-based Axis Bank Limited's (ABL) proposed foreign currency senior unsecured notes an expected rating of 'BBB-(exp)'. The final rating is contingent upon the receipt of final documents conforming to information already received.
The notes will be issued under ABL's EUR2bn medium term notes (MTN) programme. The proposed issuance is in addition to the USD500m senior notes issued by the bank in March 2012 under the MTN programme.
The notes are rated at the same level as ABL's Long-Term Foreign Currency Issuer Default Rating (LT FC IDR) of 'BBB-', as they will constitute direct, unsubordinated and senior unsecured obligations of the bank, and will rank equally with all its other unsecured and unsubordinated obligations.
A full list of ABL's ratings is as follows:
- LT FC IDR: 'BBB-'; Outlook Negative
- Short-Term FC IDR: 'F3'
- Viability Rating: 'bbb-'
- Support Rating: '3'
- Support Rating Floor: 'BB+'
- FC senior debt: 'BBB-'
- EUR2bn MTN programme: 'BBB-'
- USD500m Senior unsecured notes: 'BBB-'
- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable
- INR57bn subordinated lower Tier 2 debt programme: 'Fitch AAA(ind)'
- INR6.53bn subordinated upper Tier 2 debt programme: 'Fitch AA+(ind)'
- INR2.14bn perpetual Tier 1 debt programme: 'Fitch AA+(ind)'