Moody's: Some Indian banks upgraded

Moody's Investors Service said it published the rating results for banks in India as part of the application of its refined joint default analysis and updated bank financial strength rating methodologies.

The majority of Indian Banks have benefited from a one-notch upgrade of their bank financial strength ratings due to their increasingly sound financial fundamentals and strong franchises, Moody's said.

The bank's local-currency deposit ratings, especially those of majority government-owned banks, also have benefited from a high probability of systemic support in case of need, the agency said. Most foreign-currency deposit and debt ratings remain unchanged because they already are constrained at their respective country ceilings, Moody's said.

The ratings changes include:

Bank of India's foreign-currency bond rating for senior, subordinated and junior subordinated (upper tier 2) obligations unchanged at Baa2, foreign-currency bond rating for perpetual non-cumulative subordinated obligations (hybrid tier 1) unchanged at Baa3.

Canara Bank's foreign-currency bond rating for senior, subordinated and junior subordinated (upper tier 2) obligations unchanged at Baa2, foreign-currency bond rating for perpetual non-cumulative subordinated obligations (hybrid tier 1) upgraded to Baa2 from Baa3.

Icici Bank Ltd.'s foreign-currency bond rating for senior, subordinated, junior subordinated (upper tier 2) and perpetual non-cumulative subordinated (hybrid tier 1) obligations unchanged at Baa2.

Industrial Development Bank of India Ltd.'s foreign-currency bond rating for senior obligations unchanged at Baa2.

State Bank of India's foreign-currency bond rating for senior, subordinated, junior subordinated (upper tier 2) and perpetual non-cumulative subordinated (hybrid tier 1) obligations unchanged at Baa2.

UTI Bank Ltd.'s foreign-currency bond rating for senior and subordinated obligations unchanged at Baa2, foreign-currency bond rating for junior subordinated obligations (upper tier 2) changed to Baa2 from Baa3 and perpetual non-cumulative subordinated obligations (hybrid tier 1) upgraded to Baa2 from Ba1.

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