Ratings Upgrade

Moody's outlook revision was on expectation of a gradual improvement in YES Bank's depositor base and lending franchise, which will help improve its core profitability over the next 12-18 months.

The rating agency expects Glenmark to significantly reduce debt on completion of the GLS sale and maintain healthy earnings.

"Collectively, these three developments have lowered the credit profile of a number of US banks, though not all banks equally," it wrote in some of the assessments

The base and peak demand is expected to maintain growth at above long-term trajectory during FY24 driven by higher industrial and commercial activities, digitalization and electric transportation.

In August, CRISIL upgraded the rating on Tier-II bonds (under Basel III) and Infrastructure Bonds of YES Bank to 'CRISIL A-' from 'CRISIL BBB+' and revised its outlook to 'Positive' from 'Stable'

The company said the growth in the tiles market will continue to be driven by growth in real estate and housing sector, rise in disposable income, growth in renovation & remodelling activities.

The brokerage firm cites a positive earnings revision cycle ahead, given the strong refining and gas environment, for the ratings upgrade.

Trimming of India's sovereign ratings to the lowest investment grade by Moody's Investors Service has triggered the move

Developing countries including India need to make a strong case for credit ratings upgrade and ensure that their voice is heard by the global agencies, NDB President K V Kamath said. He also said that work is underway on setting up a credit ratings agency on the BRICS grouping (Brazil, Russia, India, China and South Africa) but its utility would depend upon the way its ratings are accepted globally. India has often criticised methodology used by rating agencies like Moody's and S&P which have pegged the country's rating at a lower level at BBB-, despite dramatic improvement in growth and macro-economic stability since 2014. "We (India) should make a strong case (for rating upgrade). The developing countries will have to make a strong case for where they are and how they should be looked at. "...In our context, the BRICS need to ensure that our voice is heard. So there is a case for a strong statement to be made individually or jointly in the this context," he told PTI. Last .

India was last upgraded by ratings agencies almost a decade back