India Ratings downgrades Yes Bank's long-term ratings to 'IND AA-' with negative outlook

India Ratings Wednesday downgraded Yes Bank's long-term ratings to 'IND AA-' with negative outlook.

The development comes a day after another rating agency Icra lowered the bank's rating.

India Ratings has downgraded the bank's long-term ratings, while reaffirming short term rating, Yes Bank said in a filing.

Icra downgraded the ratings on its six instruments totalling borrowings over Rs 33,000 crore by the lender.

The bank had also reported its maiden loss of over Rs 1,506 crore in the March quarter, driven by a near ten-fold spike in provisions.

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