Private lender Yes Bank has received yet another rating jolt with India Ratings (Ind-Ra) downgrading its long-term issuer rating to IND A+.

“India Ratings has downgraded Yes Bank’s long-term issuer rating to IND A+ from IND AA-,” the bank said in a regulatory filing.

It added that the outlook is negative, while the agency has affirmed the bank’s short-term issuer rating at IND A1+.

According to Ind-Ra, IND AA rating signifies “high degree of safety” in timely servicing of financial obligations, while instruments rated IND A have “adequate degree of safety”.

India Ratings said the downgrade reflects the inadequate progress in the pace of resolutions on certain stressed assets and lower-than-expected funds raised even after considering the recent qualified institutional placement of Rs 1,930 crore.

The agency said it also factored in the likely growth challenges the bank would face over the short-to-medium term as it implements new strategies.

The rating agency pointed out that the negative outlook reflects the downside risks to its estimates of profitability and capital buffers that could emanate from substantial delays in the resolution of stressed assets or delays in equity infusions.