Yes Bank gets first-time A- and BBB+ ratings from Japanese agencies

Yes Bank Limited said in a filing with the National Stock Exchange on 13 November 2026 that two Japanese rating agencies have assigned it first-time credit ratings. Japan Credit Rating Agency gave it A- with a stable outlook on a foreign currency long-term issuer rating, and Rating and Investment Information gave it BBB+ with a stable outlook.

What Happened

According to the bank's filing, Japan Credit Rating Agency Ltd (JCR) assigned a Foreign Currency Long-term Issuer Rating of A- with a stable outlook. Rating and Investment Information, Inc. (R&I) assigned a Foreign and Domestic Currency Issuer Rating of BBB+ with a stable outlook. The bank describes both as inaugural ratings, meaning neither agency had rated it before.

JCR's press release is dated 12 November 2026 and gives the rating assignment date as 11 November 2026. JCR said it considers the bank's creditworthiness to be three notches below that of the SMBC Group, which it equated to AA, because of the group's involvement in its management. JCR said the bank's rating is capped by India's own sovereign rating, which it gave as A- with a stable outlook. JCR noted that Sumitomo Mitsui Banking Corporation acquired a 24.9% stake in 2025.

JCR also reported figures on the bank's condition. It said the bank's net profit attributable to shareholders reached INR 35.1 billion in FY2026 and that earnings continued to rise in the first and second quarters of FY2027. It put the non-performing loan ratio at 1.3% at the end of FY2026 and 1.2% at the end of the second quarter of FY2027, against 16.8% at the end of March 2020. It gave the common equity Tier 1 ratio as 13.9% at the end of FY2026 and 13.7% at the end of the second quarter of FY2027.

JCR also referred to an October 2026 Supreme Court ruling that the 2020 permanent write-down of additional Tier 1 bonds was invalid. JCR said the bank estimates that its common equity Tier 1 ratio would fall from 13.7% to 11.4%, still above the regulatory minimum of 8.0%. It said the ruling could put downward pressure on net profit but would not significantly impair earnings capacity over the medium term.

The rating agencies' press releases are enclosed with the filing. The R&I release is not summarised here.

What It Means

A credit rating is an agency's opinion on how likely a borrower is to repay its debts. It is not a recommendation to buy, sell or hold any security, and JCR says its ratings can be changed, suspended or withdrawn.

For depositors and shareholders, the filing shows that two overseas agencies have now formed a view on the bank for the first time. The agencies' own reports list the bank's capital position and the AT1 ruling as points they will watch.

Oquilia Data: Yes Bank Ltd. (NSE: YESBANK)

Closes adjusted for splits and bonuses; returns exclude dividends. Facts from NSE's files, not investment advice.

Full record: Yes Bank share price on Oquilia

Source: Company filing on NSE