Moody's: Axis Bank unchanged

Moody's Investors Service said that the Baa2 rating of Axis Bank Ltd. remained unchanged following its announcement of a tap bond offering on its existing 5.125% 2017 senior notes issued on March 5.

The existing notes were drawn down from its €2 billion medium-term note program through its Dubai International Financial Centre Branch.

The outlook remains stable.

Moody's said the Baa2 is underpinned by Axis Bank's Baa3 standalone credit assessment and the likelihood that the bank would benefit from systemic support, if needed, due to its systemic importance.

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