June 11, 2019 / 9:52 AM / a month ago

Moody's places India's Yes Bank under review for downgrade

BENGALURU, June 11 (Reuters) - Rating agency Moody’s placed India’s Yes Bank Ltd under review for downgrade on Tuesday, citing the private-sector lender’s exposure to weak companies in the country’s financial sector.

“The review for downgrade takes into account Moody’s expectation that the ongoing liquidity pressure on Indian finance companies will negatively impact the credit profile of Yes Bank, given the bank’s sizeable exposure to weaker companies in the sector,” the rating agency said in a note.

Shares of Yes Bank pared gains sharply in afternoon trade, and were up 2.7%, as of 0947 GMT. (Reporting by Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips)

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