INSUBCONTINENT EXCLUSIVE:
the ratings remain under review, with the direction uncertain.
The ratings agency also downgraded the bank's long-term foreign and local
It said these ratings remain under review, with the direction uncertain.
In addition, Moody's downgraded the bank's long-term domestic
and foreign currency Counterparty Risk Rating (CRR) and long-term Counterparty Risk Assessment (CR Assessment) to Caa1 from B1 and Caa1(cr)
from B1(cr) respectively.
These ratings too, remain under review, with the direction uncertain.
It also downgraded Yes Bank's Baseline
to Caa3 from B2 and (P)Caa3 from (P)B2 respectively is a result of an event of default triggered by the Reserve Bank of India's (RBI)
release.
Despite the event of default, the Caa3 rating takes into account Moody's expectation that although recovery rates for the banks'
senior creditors may be high given the close involvement of the Indian authorities and stated intention to resolve the bank quickly, the
reduced the probability of default as evidenced by the moratorium announcement, and highlights the continued uncertainty around private
