Moody’s downgrades eight firms, three banks

Tribune Web Desk

Updated At : 01:06 PM Jun 03, 2020 IST

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New Delhi: A day after India’s sovereign rating was downgraded, Moody’s Investors Service on Tuesday cut ratings of eight non-financial companies, including Infosys, TCS, ONGC, and three banks — SBI, HDFC Bank and EXIM. It also downgraded seven Indian infrastructure issuers, including NTPC, NHAI, GAIL and Adani Green Energy Restricted Group, by one notch. Issuer ratings of IRFC and Hudco have also been lowered. Moody’s said the economic disruption caused by the coronavirus pandemic and the downgrade of the sovereign rating are the key drivers for Tuesday’s rating actions. PTI

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