Fitch Ratings has assigned India-based Axis Bank (BBB-/ stable) proposed USD 500m 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 times rank pari passu among themselves and with all other unsubordinated and unsecured obligations (other than subordinated obligations) of Axis Bank.

The financing of Eligible Green Projects are described in, and in accordance with, Axis Bank's Green Bond Framework.

The tenor is likely to be around five years, and the notes are to be issued by Axis Bank's Dubai International Financial Centre (DIFC) branch.

The final rating is subject to the receipt of final documentation conforming to information already received.

Shares of the bank declined Rs 0.95, or 0.19%, to trade at Rs 489.90. The total volume of shares traded was 90,234 at the BSE (1.19 p.m., Monday).