Fitch rates Axis Bank notes BBB-

Fitch Ratings said it assigned Axis Bank Ltd.'s fixed-rate senior unsecured notes a long-term rating of BBB-.

The notes will be issued under the bank's €2 billion medium-term note program from its Dubai branch by the end of October, and the bank plans to raise the notes for its overseas operations, the agency said.

Axis Bank's ratings are as follows: long-term foreign currency issuer default rating: BBB-; stable outlook; short-term foreign currency issuer default rating: F3; foreign currency senior debt: BBB-; foreign currency subordinated lower tier II: BB+; foreign currency upper tier II bonds: BB-; foreign currency perpetual tier 1 bonds: BB-; support rating Floor: BB+; national long-term rating: AAA(ind); stable outlook;

• Rs. 55 billion subordinated lower tier 2 debt program: AAA(ind); Rs. 6.53 billion subordinated upper tier 2 debt program: AA+(ind); Rs. 2.14 billion perpetual tier 1 debt program: AA+(ind); individual rating: C; and support rating: 3.

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