ICRA migrates rating of Axis Bank's fixed deposit programme; stock adds ~1%

2 Jun 2022 , 10:03 AM

Axis Bank Limited informed that credit rating agency ICRA Limited has migrated the rating currently outstanding for the fixed deposits programme of the bank from the medium-term rating scale to the long-term rating scale.

The migration of the rating has resulted in a change in the rating symbol. However, this is to be construed only as a recalibration of the rating from one scale to another and not as a reflection of a change in the credit risk of the fixed deposit programme.

The bank has migrated its rating from MAAA (stable) to ‘ICRA AAA/Stable’.

The rating agency has reviewed total bank instruments worth Rs1,19,980 crore.

Bank instruments include fixed deposits, infrastructure bonds/debentures, Basel III Tier II Bonds, Basel II Lower Tier II Bonds, Basel III Tier I Bonds, and Certificates of Deposit.

Axis Bank is currently trading at Rs692.20 up by Rs5.7 or 0.83% from its previous closing of Rs686.50 on the BSE. The scrip opened at Rs683 and has touched intraday high and low of Rs692.90 and Rs682.75 respectively.