Fitch changes Indian bank outlook to negative

Fitch Ratings said it revised the outlook to negative from stable on the long-term issuer default ratings of the following India-based banks, while affirming their ratings.

The banks are the Export-Import Bank of India, State Bank of India, Bank of Baroda, Bank of Baroda (New Zealand) Ltd., Bank of India, Canara Bank, Punjab National Bank, ICICI Bank Ltd. and Axis Bank Ltd.

At the same time, Fitch affirmed IDBI Bank Ltd.’s IDR while maintaining the outlook at negative.

“The rating actions follow Fitch’s revision of the outlook on the BBB- rating on India to negative from stable on June 18, 2020, due to the impact of the escalating coronavirus pandemic on India’s economy,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.