MUMBAI: Acting quickly on the fast evolving capital position under the RBI-mandated restructuring of Yes Bank, rating agency Moody's on Monday upgraded its ratings with a positive outlook. Earlier in the day, Yes Bank announced that seven banks led by SBI have invested Rs 10,000 crore, boosting its core capital.
Later, Reserve Bank Governor Shaktikanta Das said if needed the central bank would give additional liquidity support to the crippled lender. The central bank had superseded Yes Bank board on March 5 and placed it under an administrator.
"We today upgraded Yes Bank long-term foreign currency issuer and foreign currency senior unsecured MTN programme ratings to Caa1 from Caa3 and (P) Caa1 from (P) Caa3, respectively," Moody's Investors Service said in a late evening statement.
Accordingly, the credit outlook has also been changed to positive from negative. 'Caa' ratings are below investment grade.