This is to inform you that credit rating agency S&P Global Ratings has revised the outlook on Axis Bank Limited ('the Bank') to 'positive' from 'stable'. At the same time, S&P Global Ratings has affirmed its ''BB+'' long-term and ''B'' short-term issuer credit ratings on the Bank. S&P Global Ratings has also affirmed the ''BB+'' long-term issue rating on the bank''s outstanding debt. The rating rationale letter of S&P Global Ratings received by the Bank today is attached herewith.