Fitch downgrades SBI, 8 other banks
New Delhi, June 22
Revised Outlook
- The outlook has been revised to negative from stable following lowering of India’s sovereign rating outlook due to impact of Covid pandemic on the economy
- The rating agency 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 Ratings on Monday said it has revised the outlook to negative from stable of nine Indian banks, including SBI, ICICI Bank and Axis Bank, following lowering of India’s sovereign rating outlook due to impact of coronavirus pandemic on the economy.
The rating agency 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 while affirming their ratings.
At the same time, Fitch has affirmed IDBI Bank Ltd’s (IDBI) rating, while maintaining the outlook at negative. “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 said in a statement.
Fitch said the ratings of all the nine Indian banks are support-driven and anchored to their respective sovereign country rating. — PTI
