Moody's assigns Axis Bank securities B1

Moody's said it assigned a B1(hyb) rating to Axis Bank Ltd., GIFT City Branch's planned dollar-denominated, undated, non-cumulative and subordinated additional tier 1 capital securities.

The B1(hyb) rating is three notches below Axis Bank Ltd.'s ba1 baseline credit assessment and adjusted BCA, reflecting the probability of impairment associated with non-cumulative coupon suspension, and the likelihood of high loss severity when the bank reaches the point of non-viability, the agency said.

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