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SBI, HDFC Bank, EXIM Bank and IRFC also get Moody's rating upgrades

Moody's has also changed the ratings outlook to 'stable' from 'positive' for the four banks and some of their branches abroad

Abhijit Lele 

SBI, State Bank of India
SBI office

After upgrading India’s sovereign rating by a notch to ‘Baa2’ global rating agency Moody’s on Friday raised long-term ratings of four Indian financial institutions – State Bank of India (SBI), HDFC Bank, EXIM India and Indian Railway Corporation (IRFC) – to ‘Baa2’ from ‘Baa3’.

It has upgraded the counterparty risk (CR) assessment of private lender and its Hong Kong branch to Baa1 (cr) from Baa2 (cr), and CR assessment for and its three overseas branches – Hong Kong, London and Nassau – to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr).

Moody's assigned a CR assessment of Baa2 (cr) /P-2(cr) to SBI, DIFC branch.

In the case of private lender HDFC Bank, the agency upgraded the baseline credit assessment (BCA) and adjusted BCA to baa2 from baa3.

Moody's has also changed the ratings outlook to ‘stable’ from ‘positive’ for IRFC, EXIM India (and its London branch), (and its Bahrain and Hong Kong branches), and (and its Hong Kong, London, and Nassau branches).

Moody's has assigned a stable outlook to SBI's DIFC branch.

First Published: Fri, November 17 2017. 12:55 IST