Fitch Ratings upgraded Axis Bank from AA+ to AAA

INDIA: Fitch Ratings has upgraded Axis Bank from a national long term rating of AA+(ind) to AAA(ind), individual rating from C/D to C and support rating from 4 to 3. According to Fitch Ratings 'The outlook is stable'.

Axis Bank is one of the top five banks in India by market capitalization. Axis Bank, a private sector bank, is a high-tech bank and has been chosen the best bank for the year 2007 by Business India. The bank has been growing at a very fast rate. The net interest income has risen at a CAGR of more than 50%. It is second to only ICICI Bank, India's biggest private sector bank which has recorded a CAGR of more than 60% during the last five years. Axis Bank has third largest number of ATM in India, the top two being SBI and ICICI.

Axis Bank, formely UTI Bank, was incorporated in 1994. It has done re-branding because of the completion of the period for the use of ‘UTI brand’ ends in January 2008. Axis Bank Ltd. has been promoted by the largest and the best Financial Institution of the country, UTI. Although government-owned institutions have a promoter’s stake in Axis Bank, it is a private bank and the third largest private bank in India. It has a network of 596 branches and 2502 ATMs.

Fitch Ratings is one of the three large global credit rating agencies. Fitch rates 6000 banks/financial institutions, including some 2400 insurance companies, more than 1400 corporates and 100 sovereigns as well as public finance, sub-sovereigns and structured finance transactions.