CARE upgrades rating for YES Bank's tier-II, infra bonds to "BBB+"

The CARE ratings continue to factor in the improvement in the credit profile of the bank post the implementation of the reconstruction scheme for the private sector lender.

Rating agency CARE has upgraded the rating for YES Bank’s tier-II bonds and infrastructure bonds from “BBB” to “BBB+” on stabilisation of operations, growth in business and continued improvement in profitability.

The ratings continue to factor in the improvement in the credit profile of the bank post the implementation of the reconstruction scheme for the private sector lender, CARE said in a statement.

In March 2020, Reserve Bank of India, with approval from the government, crafted a reconstruction scheme to protect depositors’ money, provide capital support, liquidity support and reconstitute the Board for better governance. The bank reported CAR of