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ICRA has upgraded Yes Bank's Infrastructure and Basel III Tier II bonds to [ICRA]AA- (Stable) from [ICRA]A (Positive), while reaffirming Basel III Tier I bonds at [ICRA]D due to their previous write-down. This upgrade reflects the bank's increasing scale of operations, improved loan mix with more granular assets, and a notable decline in stressed assets, which enhances earnings stability. Recoveries from legacy issues also boosted profitability. While capitalisation is adequate and deposit growth steady, the Supreme Court's verdict on the Rs. 8,415 crore AT-1 bonds remains a key monitorable. This upgrade is expected to lower borrowing costs and boost investor confidence, giving Yes Bank more strategic room for growth and improved core profitability.