Moody’s lowers Yes Bank

Moody's Investors Service said it lowered Yes Bank Ltd.’s long-term foreign-currency issuer rating to Ba3 from Ba1.

The downgrade concludes the review for downgrade Moody’s started on June 11.

The downgrade takes into account the lower-than-expected amount of capital Yes Bank raised recently and the risk that the substantial decline in the bank's share price will challenge its ability to raise enough capital to keep the rating at its previous level, said Moody’s.

The outlook is negative.

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