Moody's upgrades YES Bank to B3 on equity infusion; outlook stable

Successful equity raising showcases lender's regained access to external market funds, which is a result of its improving financial strength, the agency says

Moody's has upgraded YES Bank’s long-term foreign currency issuer rating from “Caa1” to “B3”  as equity capital raise of Rs 15,000 crore has bolstered its solvency.

Moody's has also upgraded the bank's long-term foreign and local currency bank deposit ratings to B3 from Caa1, and foreign currency senior unsecured MTN programme rating to (P)B3 from (P)Caa1.

The outlook on Yes Bank's ratings, where applicable, has been changed to stable from positive, the rating agency said in a statement.

The successful equity raising showcases YES Bank's regained access to external market funds, which is a result of its improving financial strength and will support