S&P lowers 11 India banks view to negative

Standard & Poor's said it revised the outlooks on the long-term counterparty credit ratings on 11 India financial institutions to negative from stable.

The agency said it affirmed the long-term and short-term counterparty credit ratings, as well as the issue ratings on all these financial institutions.

The banking industry country risk assessment score on India is unchanged at 5.

The 11 financial institutions consist of Axis Bank Ltd., Bank of India, HDFC Bank Ltd., Icici Bank Ltd., IDBI Bank Ltd., Indian Overseas Bank, Indian Bank, Infrastructure Development Finance Co. Ltd., State Bank of India, Syndicate Bank and Union Bank of India.

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

The negative outlooks reflect the outlook on the sovereign credit rating on India, the agency said.

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