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YES Bank share jumps 4% on ratings upgrade by Moody's

"Moody's has upgraded the bank's long-term foreign and local currency bank deposit ratings to B3 from Caa1, and its foreign currency senior unsecured MTN (medium-term note) programme rating to (P)B3 from (P)Caa1," YES Bank said in its regulatory filing

twitter-logoBusinessToday.In | August 4, 2020 | Updated 17:28 IST
YES Bank share jumps 4% on ratings upgrade by Moody's
Although, despite the upgrade, YES Bank still remains under non-investment grade

YES Bank shares gained almost 4% in Tuesday's early trade after rating firm Moody's Investors Service upgraded the lender's long-term foreign-currency issuer ratings.

Following the update, shares of the YES Bank opened at Rs 12.30 and later touched an intraday high of Rs 12.41, rising 3.58% against the earlier close of Rs 11.98 on BSE. YES Bank share price has gained 2.22% in the last 2 days. Later, the share closed 2% higher at Rs 12.22.

YES Bank share price stands higher than 5-day but lower than 20, 50, 100 and 200-day moving averages. Market cap of YES Bank rose to Rs 30,642 crore as of today's session. The stock price of YES Bank has gained 2.1% in one week.

Moody's Investors Service announced it has upgraded the private lender's long-term foreign-currency issuer rating by a notch to 'B3' from 'Caa1'. This was on the back of the Rs 15,000-crore capital raising by the company. Although, despite the upgrade, YES Bank still remains under non-investment grade.

Moody's said YES Bank's successful equity capital raise has bolstered its solvency and is the main driver of the rating upgrade.

"Moody's has upgraded the bank's long-term foreign and local currency bank deposit ratings to B3 from Caa1, and its foreign currency senior unsecured MTN (medium-term note) programme rating to (P)B3 from (P)Caa1," YES Bank said in its regulatory filing.

YES Bank share price ended 2% higher at Rs 12.22 on BSE.

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