YES BANK Credit Rating Upgraded by S&P, Moody’s and ICRA
YES BANK’s Credit Strength Recognised Across Domestic and Global Agencies
S&P Global assigns inaugural rating of ‘BB+/Stable’; ICRA and CARE upgrade domestic ratings
YES BANK has announced a series of positive rating actions from leading domestic and international credit rating agencies, reflecting the sustained strengthening of its credit profile.
S&P Global Ratings has assigned YES BANK an inaugural long-term issuer credit rating of ‘BB+’ with a Stable outlook – which is consistent with the ‘Ba1’ (Stable) that Moody’s Rating had assigned while upgrading the Bank from ‘Ba2’ in May 2026. In assigning the rating, S&P has factored in the expectation of ongoing and extraordinary support from Sumitomo Mitsui Banking Corporation (SMBC), the Bank’s largest shareholder, underscoring the Bank’s strategic importance to the SMBC group. This gives YES BANK a two-agency international ratings profile, with a stable outlook from both global agencies.
On the domestic scale, ICRA upgraded the Bank’s long-term ratings on its Infrastructure Bonds and Basel III Tier II Bonds to ‘ICRA AA (Stable)’ from ‘AA- (Stable)’. This follows the recent upgrade by CareEdge Ratings (CARE), which raised the Bank’s long-term ratings to ‘CARE AA+ (Stable)’ from ‘CARE AA- (Stable)’.
Commenting on this, Mr Vinay M. Tonse, Managing Director & CEO, YES BANK, said, “These rating actions from leading global and domestic agencies reflect an independent validation of YES BANK’s strong franchise and the steady progress on the path to profitability that the Bank has been making. The strategic partnership with SMBC, our largest shareholder, further reinforces our foundations of strong governance and long-term stability.”
The agencies have cited the Bank’s improving asset quality, strengthened funding profile and capital position, consistent improvement in core profitability, and the strategic investment by Sumitomo Mitsui Banking Corporation (SMBC) – a global systemically important bank and the Bank’s largest shareholder with a ~24.9% stake – as key factors supporting the actions.
He further said, “S&P’s assignment of ‘BB+’, consistent with Moody’s ‘Ba1’, underscores the growing confidence of international stakeholders in our credit profile, while the upgrades from CARE and ICRA reflect our steady progress on asset quality, capital and profitability. We remain focused on deepening our deposit franchise, serving our customers, and delivering sustainable growth.”
