Why has S&P upgraded Axis Bank rating?

Let me clarify that the rating of Axis Bank remains the same and it is only the outlook that has been upgraded by S&P from Stable to Positive for Axis Bank. S&P has cited sustained improvement in asset quality supported by better risk management as the reason for this upgrade. This upgrade reflects one-third probability that Axis Bank asset quality would continue to improve. Gross NPAs are expected to stabilize in the range of 3.3%-3.5%.