Fitch lowers rating outlook of SBI, ICICI, PNB, BoB

Global agency Fitch downgrades rating outlook to negative from stable of 11 financial entities including SBI, ICICI Bank, PNB and Axis Bank. Fitch’s action follows the revision earlier this week of India’s outlook to negative.

The list of downgraded entities include six government banks, two private banks. These include Bank of Baroda, Bank of Baroda (New Zealand) Ltd (BOBNZ), Canara Bank, and IDBI Bank.

Besides two wholly owned government institutions – Export-Import Bank of India and Housing and Urban Development Corporation Ltd have also been similarly downgraded. Besides, the outlook of IDFC Ltd and Indian Railway Finance Corporation Ltd outlook has also become negative.

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