Fitch revises outlook on 9 Indian banks' IDRs from stable to negative

Action follows change in outlook on India's rating

Global rating agency Fitch on Monday revised the outlook from “stable” to “negative” on the Long-Term Issuer Default Ratings (IDR) of nine Indian banks following revision in the outlook on India rating ('BBB-'). It affirmed rating on IDRs, Support Ratings (SR) and Support Rating Floors (SRF).
 

The rating action covers nine banks - State Bank of India (SBI), Bank of Baroda (BOB), BOB’s subsidiary in New Zealand, Bank of India (BOI), Canara Bank (Canara), Punjab National Bank (PNB), ICICI Bank (ICICI), Axis Bank (Axis) and Export-Import Bank of India (EXIM).
 

The IDRs for Indian banks are support-driven and anchored to