Moody's changes IndusInd Bank view to negative

Moody's Investors Service said it changed the outlook for IndusInd Bank Ltd. to negative from stable. Moody's revised the outlook to negative to account for the risk of further asset quality deterioration.

“Over the last few quarters, the bank has seen a deterioration in its asset quality, particularly in the corporate segment. Tight refinancing conditions for borrowers were a key trigger for the crystallization of nonperforming loans,” the agency said in a press release.

In addition, Moody's affirmed IndusInd’s domestic and foreign currency issuer ratings of Baa3 and the foreign currency senior unsecured rating of Baa3.

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