Moody's cuts three Indian banks

Moody's Investors Service said it downgraded the standalone bank financial strength rating of three Indian banks - Axis Bank, HDFC Bank and ICICI Bank Ltd. - to D+ from C-, which now maps to a baseline credit assessment of Baa3 from Baa2 on the long-term scale.

At the same time, the rating agency has downgraded the hybrid ratings of Axis Bank and ICICI Bank to Ba3 from Ba2.

The outlook is stable.

Moody's said the actions took place in the context of an ongoing global review affecting all banks whose standalone ratings are higher than the rating of the government where they are domiciled and they conclude the review that was initiated on April 30.

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