S&P: 12 India banks view stable

Standard & Poor's said it revised the outlooks on its long-term counterparty credit ratings on 12 Indian banks to stable from negative. The agency also said it affirmed the banks' long-term and short-term counterparty credit ratings and issue ratings.

The banks affected include Axis Bank, rated BBB- and A-3; Bank of Baroda, rated BBB- and A-3; Bank of India, rated BBB- and A-3; Canara Bank, rated BBB- and A-3; HDFC Bank Ltd., rated BBB- and A-3; Icici Bank Ltd., rated BBB- and A-3; IDBI Bank Ltd., rated BBB- and A-3; Indian Overseas Bank, rated BBB- and A-3; Indian Bank, rated BBB- and A-3; State Bank of India, rated BBB- and A-3; Syndicate Bank, rated BBB- and A-3; and Union Bank of India, rated BBB- and A-3.

The outlook revision follows a similar action on the sovereign credit rating of India, S&P said.

The stable outlook reflects the outlook on India's sovereign ratings and an expectation of the individual banks' performances, the agency said.

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