Fitch revises outlook on 10 Indian financial institutions

MUMBAI/SINGAPORE (Fitch) - Fitch Ratings has revised 10 India-based financial institutions' Outlook to Stable from Negative, while affirming their respective ratings, including their 'BBB-' Long-Term (Issuer Default Ratings (IDRs).

These include six government banks (including an international banking subsidiary of a government bank), two private banks and two wholly owned government institutions.

The change in the Outlook on the IDRs follows the revision of the Outlook on India's Long-Term Foreign- and Local-Currency IDRs to Stable from Negative (see rating action commentary dated 12 June 2013 at www.fitchratings.com). The Outlook revision for all of the entities is driven either by their Support Rating (SR) of '2' and Support Rating Floor (SRF) of BBB- or by their Viability Rating (VR) of 'bbb-'.

The affected banks are State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BOB), Bank of Baroda (New Zealand) Limited (BOBNZ), Canara Bank (Canara), IDBI Bank Ltd. (IDBI), ICICI Bank Ltd. (ICICI), Axis Bank (Axis), Export-Import Bank of India (EXIM), and Housing and Urban Development Corporation Ltd. (HUDCO).

(The above statement was released by the rating agency)

(Additional information is available on http://www.fitchratings.com)