YES BANK earns fresh credit rating upgrades from S&P, ICRA and CARE
Global and domestic agencies cite stronger asset quality, improving profitability and SMBC's strategic backing
Vinay M. Tonse, Managing Director & CEO, YES BANK, said the latest rating actions independently validate the bank's improving business fundamentals and its steady journey toward sustainable profitability.
MUMBAI: YES BANK has received a fresh round of credit rating upgrades from leading domestic and international rating agencies, reinforcing growing confidence in the private sector lender’s improving financial strength, profitability and governance.
Global rating agency S&P Global Ratings has assigned the bank its inaugural long-term issuer credit rating of ‘BB+’ with a Stable outlook, aligning with the ‘Ba1’ (Stable) rating awarded by Moody’s Ratings following its upgrade in May 2026.
According to S&P, the rating reflects expectations of continued extraordinary support from Sumitomo Mitsui Banking Corporation (SMBC), YES BANK’s largest shareholder, highlighting the bank’s strategic importance within the Japanese banking group’s global operations.
With the latest assessment, YES BANK now holds stable international credit ratings from both S&P Global and Moody’s.
Domestic Ratings Also Upgraded
On the domestic front, ICRA upgraded YES BANK’s long-term ratings for its Infrastructure Bonds and Basel III Tier II Bonds to ‘ICRA AA (Stable)’ from ‘ICRA AA- (Stable)’.
The move follows a recent upgrade by CARE Ratings, which raised the bank’s long-term rating to ‘CARE AA+ (Stable)’ from ‘CARE AA- (Stable)’.
The successive upgrades indicate sustained improvement in the bank’s financial profile across key performance indicators.
Improving Fundamentals Drive Rating Actions
The rating agencies cited several factors behind the positive actions, including:
- Improvement in asset quality
- Stronger capital position
- Enhanced funding profile
- Consistent improvement in core profitability
- Strategic investment by SMBC, which holds approximately 24.9% stake in YES BANK
The agencies also acknowledged the governance and long-term stability provided by the Japanese banking major’s strategic partnership.
CEO Sees Validation of Turnaround Journey
Commenting on the upgrades, Vinay M. Tonse, Managing Director & CEO, YES BANK, said the latest rating actions independently validate the bank’s improving business fundamentals and its steady journey toward sustainable profitability.
He noted that the strategic partnership with SMBC has further strengthened the bank’s governance framework and long-term stability.
Tonse added that S&P’s BB+ rating, consistent with Moody’s Ba1, demonstrates increasing confidence among global investors in YES BANK’s evolving credit profile, while the domestic upgrades recognise improvements in asset quality, capital adequacy and profitability.
He said the bank remains focused on expanding its deposit franchise, enhancing customer service and delivering sustainable long-term growth.
Headquartered in Mumbai, YES BANK operates a nationwide network of more than 1,300 branches, over 200 Business Correspondent Banking Outlets (BCBOs) and more than 1,350 ATMs, covering nearly 300 districts across India.
The bank also operates an International Banking Unit (IBU) at GIFT City and maintains a representative office in Abu Dhabi, supporting its cross-border banking operations.
