Fitch upgrades State Bank of India, ICICI Bank, Axis Bank, 7 others to ‘Stable’

Fitch upgrades State Bank of India, ICICI Bank, Axis Bank, 7 others to ‘Stable’.

Global credit rating agency FitchFitch-Rating has upgraded the outlook on India’s 10 financial institutions – six Government banks, two private banks and two wholly-owned Government institutions – to ‘Stable’ from ‘Negative’.

The revision in the outlook was for State Bank of India, ICICI Bank, Axis Bank, Bank of Baroda, Bank of Baroda – New Zealand, Punjab National Bank, Canara Bank, IDBI Bank, Exim Bank of India and the Housing and Urban Development Corporation. The upgrade is in line with the sovereign rating change on June 12 and primarily driven by a strong propensity and ability of the Government to support financial institutions in the public sector if needed.

Leave a Reply

Your email address will not be published. Required fields are marked *