The shares of Yes Bank have started an upper circuit today. Yes Bank shares rose 5 per cent in today’s trading to Rs 13.50. The stock had closed at Rs 12.90 on Monday. Rating agency CARE has increased the rating of Yes Bank’s debt instruments. After which, the sentiment of investors has become positive regarding the stock. CARE has revised the Bank’s Infrastructure Bond rating from ‘CARE B’ to ‘CARE BBB’. Yes Bank’s 1-year high is Rs 87.30.
CARE has upgraded the ratings of Yes Bank’s infrastructure bonds from CARE B to CARE BBB. Similar upgrades have been received from Yes Bank’s Lower Tier 2 Bond and Tier 2 Bond. Not only this, CARE has also upgraded the outlook of Yes Bank. Earlier, Yes Bank’s outlook was placed under the under credit watch category. Also, the rating of Yes Bank Upper Tier 2 Bond has been upgraded from CARE D to CARE BB +.
Rating agency CARE said that the ratings of Yes Bank’s debt instrument have been improved after the bank’s credit profile was improved. After the implementation of Yes Bank’s Reconstruction Scheme by the Reserve Bank, the situation of the bank has improved, with the depositors being confident that their money is safe. Under the bank’s reconstruction scheme, the SBI has taken over the bank along with the central government and RBI and the liquidity of the bank has improved. The bank has raised Rs 15,000 crore fund with the help of SBI in recent times. The bank has benefited from this as an upgrade to credit ratings.
