Fitch Rates Axis Bank's Proposed First "Green Bonds"

(The following statement was released by the rating agency)

MUMBAI/SINGAPORE, May 22 (Fitch) Fitch Ratings has assigned

India-based Axis

Bank Ltd.'s (BBB-/ Stable) proposed USD500m senior unsecured

debt an expected

rating of 'BBB-(EXP)'.

The notes, which would be the first "Green Bond" (proceeds used

only to fund

environmentally friendly projects) issuance from the bank, and

will constitute

direct, unconditional, unsubordinated and unsecured obligations

of the issuer.

The notes will at all

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