Moody’s gives Baa3 to Yes Bank program

Moody's Investors Service said it assigned a provisional Baa3 long-term senior unsecured rating to Yes Bank Ltd.’s (Baa3 stable) $1 billion medium-term note program.

At the same time, the agency assigned a provisional Baa3 rating on the senior unsecured medium-term note program and stable outlook to Yes Bank's IFSC Banking Unit Branch in Gujarat International Finance Tec-City (GIFT city).

The outlook on the rating, where applicable, is stable.

Moody’s said the rating is in line with Yes Bank's Baa3 long-term foreign currency issuer rating. The Baa3 issuer rating incorporates the bank's ba1 baseline credit assessment (BCA) and the agency’s expectation of a moderate probability of systemic support from the Indian government (Baa2 stable), if needed.

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