Yes Bank share price falls 4% after India Ratings downgrade

yesbank

yes bank share price fell almost 4 percent in the early trade on December 19 after India Ratings downgraded its long-term rating to “A” from “A+”.

India Ratings and Research (Ind-Ra) has downgraded Yes Bank’s long-term issuer rating to ‘IND A’ from ‘IND A+’ and its short-term issuer rating to ‘IND A1’ from ‘IND A1+’.

Earlier, Moody’s Investors Service had downgraded the bank’s long-term foreign-currency issuer rating to B2 from Ba3.

Moody’s also downgraded the long-term foreign and local currency deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN programme rating to (P)B2 from (P)Ba3, and baseline credit assessment (BCA) and adjusted BCA to B3 from B1.

The private bank on December 13 said the third quarter would remain subdued there would an improvement in the revenue in the March quarter on the back of government measures.

The muted demand environment amid economic slowdown weighed on corporate earnings during the second quarter of 2019-20, with an aggregate revenue recording a contraction of 3.5 percent year-on-year compared to an expansion of 3 percent in the preceding quarter of the financial year, Yes Bank said in a note on ‘Corporate Earnings and Sectoral Outlook: Q2 FY20’.

Shares of Yes Bank traded 2.89 percent down at Rs 45.40 on BSE at 0920 hours.

News Source:- Moneycontrol

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