India News | Fitch Affirms ICICI Bank, Axis Bank Issuer Rating

New Delhi, Oct 16 (PTI) Fitch Ratings on Monday affirmed issuer rating of ICICI Bank and Axis Bank at 'BB+' and said there are expectations of a moderate probability of extraordinary state support compared to large state banks.

The outlook on the rating is stable, Fitch said in a statement.

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Fitch Ratings has affirmed India-based Axis Bank and ICICI Bank's Long-Term Issuer Default Rating (IDR) at 'BB+', the global agency said in two separate rating commentaries.

The agency has also affirmed both the bank's Government Support Rating (GSR) at 'BB+' and its Viability Rating (VR) at 'BB'.

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"Fitch said the long-term IDR of both banks is driven by its GSR.

"The GSR is one notch below India's sovereign rating (BBB-/Stable), reflecting Fitch's expectation of a moderate probability of extraordinary state support for Axis relative to large state banks. The stable outlook mirrors that on the sovereign rating," it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)