NEW DELHI: S&P Global Ratings on Tuesday upped its credit rating on Axis Bank with a stable outlook on expectations that the private sector lender will maintain good asset quality over the next two years.
The US-based agency said India's robust economic growth should support borrowers' creditworthiness and Axis Bank's weak loans, or nonperforming loans, could decline to 2.5-3 per cent of total loans by end-March 2023, from 3.7 per cent as of March 31, 2022.
