S & P Global Rating Action

AXIS/CO/CS/146/2020-21

27^th June 2020

Dear Sir(s),

SUB.: S&P GLOBAL RATING ACTION.

REF.:  DISCLOSURE UNDER REGULATION 30 READ WITH PARA A OF SCHEDULE III AND REGULATION 46(2) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.

This is to inform you that, the credit rating agency S&P Global Ratings ('S&P'), has downgraded the Foreign Currency Ratings of the Bank, given as follows:

Further, please note that as confirmed by S&P, the rating report inadvertently mentions the Bank being on CreditWatch. In this regard, S&P has confirmed that it is an editorial error and Bank is on STABLE outlook.

The rating action letter by S&P Global Ratings containing the reason for above downgrade is given as link below.

http://www.rns-pdf.londonstockexchange.com/rns/2894R_1-2020-6-27.pdf

We wish to inform you that, the domestic debt instruments issued by the Bank continue to be rated 'AAA / AA+' by all four rating agencies, i.e. CRISIL, ICRA, CARE and India Ratings.

You are requested to take note of above and arrange to bring it to the notice of all concerned.

Thanking You.

Yours sincerely,

For Axis Bank Limited

Girish V. Koliyote

Company Secretary

Encl.: as above