MOODY’S INVESTORS SERVICE RATING ACTION

AXIS/CO/CS/148/2022-23

June 20, 2022

Dear Sir(s),

SUB.: MOODY'S INVESTORS SERVICE RATING ACTION.

REF.: REGULATION 30 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.

This is to inform you that credit rating agency Moody's Investors Service ("Moody's") has affirmed the Baa3 deposit rating of Axis Bank Limited ("Bank"). At the same time Moody's has upgraded the Bank's baseline credit assessments (BCA) to baa3 from ba1 reflecting improvements in credit fundamentals, in particular asset quality.

Axis Bank Limited, GIFT City Branch's preferred stock non-cumulative bond rating has been upgraded to Ba3(hyb) from B1(hyb), driven by the BCA upgrade.

The outlook on ratings for the Bank, where applicable, remains stable.

The rating rationale letter of Moody's is attached herewith.

http://www.rns-pdf.londonstockexchange.com/rns/5183P_1-2022-6-20.pdf

This is for your information and records.

Thanking you.

With warm regards,

For Axis Bank Limited

Sandeep Poddar

Company Secretary

Encl.: As above