India Ratings upgrades Yes Bank bonds to AA-

India Ratings and Research upgraded Yes Bank's long-term issuer rating to 'IND AA-' from 'IND A' with stable outlook, effective August 19, 2025. The upgrade also applies to infrastructure bonds and Basel III Tier 2 bonds.

The rating reflects improved consolidated profitability, reduced exposure to low-yielding RIDF deposits, and a shift towards retail and SME lending. Yes Bank maintains capital adequacy ratio of 16.2% and Tier-I capital at 14%, with total assets of INR4,234.4bn and net income of INR24.1bn in FY25.