Axis Bank Ltd.

Axis Bank has received Prime-1 rating from Moody’s Investors Service for the US commercial paper notes issued by it through its $240 million fully supported commercial paper (CP) programme.

The Prime-1 rating on the CP notes is based primarily on an irrevocable, direct-pay letter of credit provided by Citibank, N.A. (A1/Prime-1/C-), which fully supports the programme.

The Prime-1 rating of the CP notes issued through this programme is highly correlated with the Prime-1 rating of Citibank, NA, in that a downgrade of Citibank’s Prime-1 may result in a corresponding downgrade of the CP notes.

The bank operates as a commercial bank and is the 11th largest bank in India, with a 2.9% market share based on total assets of Rs 1,806.5 billion as of March 31, 2010. Axis Bank conducts business mainly in India and is the country's third largest private sector bank.

Axis Bank’s net profit for the quarter ended June 30, 2011 has increased by 27.02% at Rs 942.35 crore as compared to Rs 741.88 crore for the quarter ended June 30, 2010. Its total income has registered growth of 39.82% to Rs 6049.27 crore for the quarter under review from Rs 4326.37 crore for the corresponding quarter of the previous year.