(The following statement was released by the rating agency)
Aug 22 - Fitch Ratings has assigned India-based Axis Bank Limited's (ABL) USD250m
foreign currency senior unsecured notes a final rating of 'BBB-'. The notes are to be issued on
28 August 2012 by the bank's Dubai International Financial Centre branch under its
EUR2bn medium term notes (MTN) programme.
The assignment of the final rating follows the receipt of documents conforming
to information already received. The final rating is in line with the expected
rating assigned on 21 August 2012.
The tenor of the notes is five years. This issuance is in addition to the
USD500m senior notes issued by the bank in March 2012 under its EUR2bn MTN
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 represent direct, unsubordinated
and senior unsecured obligations of the bank, and 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-'
- USD750m 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)'