S&P shifts outlook on Axis Bank, Icici Bank

S&P said it revised the outlooks for Axis Bank Ltd. and Icici Bank Ltd. to negative from stable but affirmed their credit ratings as well as all the issuer ratings of the Indian banks it rates.

“That's because heightened economic risks facing India's banking system may affect the creditworthiness of these banks. In our base case, other private-sector peers such as HDFC Bank Ltd. and Kotak Mahindra Bank have stronger asset quality and would be able to withstand the weakness in operating conditions,” the agency said in a press release.

S&P rates Axis and Icici BBB-.

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