S&P trims Axis Bank

S&P said it lowered its ratings on Axis Bank Ltd. and Axis Bank Ltd. DIFC to BB+ from BBB- and changed the outlook to stable from negative.

“We lowered our ratings on Axis to reflect our expectation that heightened economic risks facing India’s banking system will affect the bank’s asset quality and financial performance,” S&P said in a press release.

The outlook reflects the view Axis’ ratings already factor in some deterioration in the bank’s asset quality and performance over the next 12 months, the agency said.

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