New Delhi, June 22
Revised Outlook
The outlook has been revised to unfavourable from steady following decreasing of India’s sovereign score outlook as a result of affect of Covid pandemic on the economic system
The score company revised the outlook for Export-Import Bank of India, SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, PNB, ICICI Bank
Fitch Rankings on Monday mentioned it has revised the outlook to unfavourable from steady of 9 Indian banks, together with SBI, ICICI Bank and Axis Bank, following decreasing of India’s sovereign score outlook as a result of affect of coronavirus pandemic on the economic system.
The score company revised the outlook for Export-Import Bank of India, SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, PNB, ICICI Bank, Axis Bank whereas affirming their scores.
On the identical time, Fitch has affirmed IDBI Bank Ltd’s (IDBI) score, whereas sustaining the outlook at unfavourable. “The rating actions follow Fitch’s revision of the outlook on the ‘BBB-’ rating on India to negative from stable on June 18 due to the impact of the escalating coronavirus pandemic on India’s economy,” it mentioned in an announcement.
Fitch mentioned the scores of all of the 9 Indian banks are support-driven and anchored to their respective sovereign nation score. — PTI
