Axis Bank announced that Fitch Ratings have on 30 April 2020, affirmed the Bank's Long-Term Issuer Default Rating (IDR) at 'BB+', with a Stable Outlook. Fitch Ratings has downgraded the Bank's Viability Rating to 'bb' from 'bb+'.
The rating action are driven by rapid deterioration in the operating environment for banks in India following the caronavirus pandemic and measures to contain their spread.