Private lender
Yes Bank on Tuesday froze at the upper circuit limit on Sensex after CARE Ratings upgraded its rating on the bank's debt instruments.
At around 2.18 pm, Yes Bank stock trades at the upper price band of Rs13.54 per piece up 4.96% on Sensex.
CARE has revised Yes Bank's infrastructure bonds rating to 'CARE BBB' from previous 'CARE B'. A similar rating was assigned on Lower Tier II Bonds and Tier II Bonds (Basel III).
Also, CARE revised its outlook to 'Stable' on Yes Bank from previous "Under Credit watch with Developing Implications" on the above-mentioned instruments.
Additionally, CARE has given 'CARE BB+' rating each on Yes Bank's Upper Tier II Bonds and Perpetual Bonds (Basel II) from previous 'CARE D'. The Stable outlook was assigned here as well.