India Ratings Downgrades Yes Bank With Negative Outlook

India Ratings has downgraded the YES bank’s long-term rating to ‘IND AA-’ with a negative outlook, while reaffirming short-term rating. ICRA has also downgraded the long-term ratings of the lender.

Accordingly, six instruments with a total borrowing of over Rs 33,000 crore were also downgraded. Yes Bank had also reported its maiden loss of over Rs 1,506 crore in the March 2019 quarter, driven by a near 10-fold spike in provisions.

Source- The Hindu Business Line

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