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

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 Finance Corporation (IRFC) – to ‘Baa2’ from ‘Baa3’.

It has upgraded the counterparty risk (CR) assessment of private lender HDFC Bank and its Hong Kong branch to Baa1 (cr) from Baa2 (cr), and CR assessment for SBI 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