Latest News | Fitch Revises Rating Outlook on 9 Banks

New Delhi, Jun 15 (PTI) Fitch Ratings on Wednesday revised the rating outlook to stable from negative for nine India-based banks, including SBI, ICICI Bank and Axis Bank.

The other lenders are Bank of Baroda (BOB), Bank of Baroda (New Zealand) Ltd, Bank of India, Canara Bank, Punjab National Bank (PNB) and Union Bank of India.

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"Fitch Ratings has revised the Outlook to Stable from Negative on the Long-Term Issuer Default Ratings (IDR) of 9 India-based banks, while affirming their IDRs," Fitch said in a statement.

The IDRs are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account its assessment of the sovereign's ability and propensity to provide extraordinary support.

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It factors in the government's consistent record of supporting systemically important banks, the lenders' relative systemic importance and their different ownership, Fitch said.

Separately, Fitch also revised the outlook on Export-Import Bank of India's (EXIM) Long-Term IDR to stable from negative.

These rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to stable from negative last week due to diminished downside risks to the country's medium-term growth, which is underscored by its rapid economic recovery and easing financial sector weaknesses.

(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)