(The following was released by the rating agency)
Aug. 21, 2012--Standard & Poor’s Ratings Services said today that its ‘BBB-’ issue rating on the proposed issue of senior unsecured notes by Axis Bank Ltd. (Axis Bank; BBB-/Negative/A-3) is not affected by the bank’s proposal to upsize the issue. The notes will be fungible and consolidated with the 5.125% notes due 2017, issued on March 5, 2012, to form a single series.
The rating on the notes reflects the long-term counterparty credit rating on the bank. The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of Axis Bank. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank. The rating on the notes is subject to our review of the final issuance documentation.