S&P and Moody's rate YES Bank as outlook strengthens
Business
YES Bank just got a solid thumbs-up from major credit rating agencies, signaling its finances are looking stronger.
S&P Global Ratings gave the bank a "BB+" with a Stable outlook (its first-ever rating from them) while Moody's bumped it up to "Ba1" earlier this year.
Indian agencies ICRA and CareEdge also upgraded their ratings for YES Bank's key bonds.
YES Bank CEO praises SMBC backing
A big reason for these upgrades? S&P pointed to ongoing strong backing from Sumitomo Mitsui Banking Corporation (SMBC), which owns nearly 25% of YES Bank.
The bank's CEO, Vinay M. Tonse, called the upgrades proof of better governance and steady progress, saying SMBC's stake sets up YES Bank for long-term stability and growth.