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Axis Bank's US Commercial Paper Program Assigned 'A-1' Short-Term Rating Aug 11
Standard & Poors, Aug 2011
Abstract
MUMBAI (Standard & Poor's) Aug. 4, 2011--Standard & Poor's Ratings Services said today that it had assigned its 'A-1' short-term issue rating to the proposed US$240 million U.S. commercial paper (USCP) program of Axis Bank Ltd. (BBB-/Stable/A-3). A US$240 million irrevocable direct-pay letter of credit issued by Citibank N.A. (A+/Negative/A-1) supports this program. The USCPs constitute direct, unconditional, unsubordinated, and unsecured obligations of Axis Bank. They will rank pari passu with the bank's unsecured and unsubordinated obligations. The USCP holders bear the credit risk of Citibank because the bank will pay them directly on the maturity date. The rating on this program is therefore equivalent to the short-term counterparty credit rating on Citibank. The rating on the USCPs will change...
Companies mentioned in this report are: Axis Bank Ltd.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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