Shares of Yes Bank were locked in a 10 percent upper circuit for the second consecutive day on Wednesday after the company received a credit rating upgrade for its debt instrument. The stock gained as much as 9.9 percent to Rs 19.05 apiece on the BSE.

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In an exchange filing, Yes Bank said that Brickwork Ratings upgraded the rating on Tier I Subordinated Perpetual Bonds (Basel II) to BWR BB+/Stable from BWR D.

The rating upgrade factors in improvement in capitalization ratios of the bank, strong shareholder base and experienced board members, it added.

Reports earlier said that the stock will be upgraded to the large-cap category from mid-cap by mutual fund industry body Association of Mutual Funds in India (Amfi).

At 10:00 am, the shares were trading 9.69 percent higher at Rs 19.01 apiece as compared to a 0.66 percent gain in the benchmark Sensex.

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