|
|
 |
|
Viewing report
|
|
|
|
Axis Bank Ltd.'s U.S. Commercial Paper Assigned 'A-1' Short-Term Rating Oct 11
Standard & Poors, Oct 2011
Abstract
MUMBAI (Standard & Poor's) Oct. 3, 2011--Standard & Poor's Ratings Services today assigned its 'A-1' short-term issue rating to the proposed US$200 million U.S. commercial paper (USCP) program of Axis Bank Ltd. (BBB-/Stable/A-3). This program is an extension of the bank's earlier program (rated on Oct. 5, 2010). A US$200 million irrevocable direct-pay letter of credit issued by Bank of America N.A. (BofA; A+/Negative/A-1) supports the program. The USCP program constitutes direct, unconditional, unsubordinated, and unsecured obligations of Axis Bank, and will rank pari passu with all of the bank's unsecured and unsubordinated obligations. The USCP holders bear the credit risk of BofA because they will be paid directly by BofA on maturity. The 'A-1' rating on the program is...
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.
|
|
|
|
