Moody's upgrades Yes Bank

Moody's Investors Service said it upgraded Yes Bank Ltd.'s long-term issuer rating to Caa1 from Caa3. The outlook is positive. This action concludes the review with direction uncertain that was started on Yes Bank's ratings on March 6.

The upgrade of Yes Bank's long-term issuer rating to Caa1 from Caa3, placing it at the same level as its long-term deposit ratings, takes into account the bailout of the bank's depositors and senior creditors under the Yes Bank Reconstruction Scheme, as approved by the Indian government on Friday.

The rating action also considers the confirmation by the Indian authorities and Yes Bank that the moratorium on its depositors and creditors will be lifted on Wednesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.