Axis Bank announced that Fitch Ratings has revised the rating outlook of the Long-Term Issuer Default Rating of the Bank, to negative from stable. Fitch Ratings has affirmed the Issuer Default Ratings (IDR), Support Ratings (SR) and Support Rating Floors (SRF) of the Bank.
The rating actions follow Fitch's revision of the Outlook on the 'BBB-' rating on India to negative from stable on 18 June 2020 due to impact of the escalating coronavirus pandemic on India's economy.
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