Moody’s upgrades Yes Bank

Moody’s Investors Service said it upgraded Yes Bank Ltd.’s long-term foreign-currency issuer rating to B3 from Caa1.

Moody’s s also changed the outlook to stable from positive.

Yes Bank’s equity capital raise of Rs. 150 billion bolstered its solvency and is the main driver of the upgrade, Moody’s said.

“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 depositor confidence,” Moody’s said in a press release.

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