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Fitch affirms Axis Bank
Fitch Ratings said it affirmed Axis Bank Ltd.'s national long-term rating at AAA(ind), along with its Rs. 55 billion subordinated lower tier 2 debt program at AAA(ind), Rs. 6.53 billion subordinated upper tier 2 debt program at AA+(ind) and Rs. 2.14 billion perpetual tier 1 debt program at AA+(ind).
The agency also said it revised the outlook to stable from negative.
The outlook revision reflects the improved domestic economic outlook, which has reduced early-2009 concerns surrounding the bank's performance, Fitch said.
Improving economic conditions and a consequent improvement in Indian Corp.'s debt repayment capabilities would be positive for the bank's rapidly expanded corporate loans portfolio, the agency added.
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