CARE (Credit Analysis & Research) has upgraded ratings on Yes Bank for lower tier II, upper tier II and perpetual bonds. Ratings upgrade comes due to the consistent profitability performance, capital-raising ability and steady asset quality across economic cycles.

Lower Tier II bonds have been upgraded from CARE AA (stable) to CARE AA+, upper tier II  bonds revised from CARE AA- to CARE AA and Perpetual Bonds revised from CARE AA- to CARE AA.

The ratings committee of CARE after giving due consideration to Yes Bank's financial performance and track record has upgraded Yes Bank's long term debt Programmes ratings. Ratings upgrade comes on the back of Sustained Financial Performance across economic cycles by YES Bank re-affirming the robust Business and Financial modelnof the Bank. The rating upgrades factor in Yes Bank's continued robust operating performance with its ability to maintain strong asset quality indicators through cycles, improving CASA base with increasing granularity in the liability franchise and experienced senior management team. The ratings also factor in the highly successful recent equity mobilisation of Rs.29.42 billion by the bank that further strengthens its capitalisation profile.

Recently, ICRA also upgraded ratings of YES Bank for its various long term debt programmes, with the lower tier II bonds of the bank upgraded from ICRA AA (stable) to ICRA AA+ (stable).

Speaking on the upgrade, Rana Kapoor, MD&CEO, Yes Bank's  said, ''The ratings upgrade from CARE is a strong reinforcement of our commitment and a true recognition of our efforts in our 10th year of Institutional Excellence. This is a true reflection of YES BANK’s sustainable growth oriented financial model coupled with robust risk management policies, rapidly growing Retail Banking presence and a strong execution focused management team. The upgrade is also a reaffirmation of Yes Bank's strengths as we work towards achieving our vision of Building the Best Quality Bank of the World in India by 2020.''

Shares of the bank declined Rs 0.95, or 0.17%, to trade at Rs 557.55. The total volume of shares traded was 98,284 at the BSE (12.19 p.m., Wednesday).