Shares of Yes Bank rose 4.7 per cent after CRISIL upgraded its rating on the lender’s certificates of deposit (CDs) to A2+. The shares of Yes Bank traded at Rs 14.97 apiece, up 1.8 per cent from its previous close, while the benchmark Sensex was up 0.9 per cent at 39473.10.

Yes Bank had said that CRISIL has upgraded its rating on the bank’s Rs 20,000 crore certificates of deposit (CD) to A2+ from A2. The rating agency also reaffirmed its ‘BBB/Stable’ rating on the bank’s Tier-II bonds (under Basel III) and infrastructure bonds.

Crisil said the upgrade in the short term rating reflects an improvement in the funding and liquidity profile of the bank, with a gradual increase in its deposit base as well as sizeable capital raised recently. With this, Yes Bank has repaid Rs 35,000 crore of the Rs 50,000 crores special liquidity facility availed from the Reserve Bank of India (RBI) in March 2020, which is ahead of the earlier plan. Further, the bank’s liquidity coverage ratio (LCR) has improved in recent months.