Yes Bank, the country’s fourth-largest private sector lender, on Thursday said Care Ratings has upgraded its ratings on multiple instruments. Ratings on infrastructure bonds and tier-II bonds have been upgraded to ‘AAA’ from ‘AA+’ and for perpetual and additional tier I Bonds has been upgraded to ‘AA+’ from ‘AA’, it said in a release. Outlook on both the ratings is stable, it added.
Speaking on the upgrade, Managing Director and Chief Executive Officer Rana Kapoor said, “This rating upgrade from Care Ratings is a reflection of YES Bank’s sustainable growth-oriented business model coupled with robust risk management policies, demonstrated and proven track record in asset quality preservation, rapidly growing Branch Banking presence and a strong execution focused management team”. YES Bank on Wednesday said it had received approval from capital markets regulator Sebi to start a mutual fund business.