Fitch downgrades ratings for Axis Bank and ICICI Bank to BB+ from BBB-

Global rating agency Fitch Ratings has downgraded ICICI Bank and Axis Bank’s Long-Term Issuer Default Rating (IDR) from “BBB-“ to “BB+” and Viability Rating from “bbb-“ to “bb+”. The Outlook on the IDR is Stable.

The rating action in case of two Indian private banks comes after Fitch lowered its midpoint for India's operating environment to 'bb+' from 'bbb-'.  

Before downgrading rating for India’s operating environment, Fitch conducted review of the banking sector's performance in the last three years, the regulatory framework, and the outlook in the near term.

Last week Fitch had affirmed the 'BBB-' Long-Term IDRs of the six Indian