Fitch downgrades viability rating for four banks on Covid-19 impact

Affirms Issuer Default Ratings for seven banks including these four and Bank of India, Canara and PNB

Rating agency Fitch has downgraded viability rating (VR) for four lenders – Axis Bank, Bank of Baroda, ICICI Bank and State Bank of India – on rapid deterioration in the operating environment for banks in India. The deterioration in operating environment follows the coronavirus pandemic and measures to contain its spread.

The rating agency revised the viability rating from “bb+” to “bb” for Axis Bank, ICICI Bank and SBI.  For Bank of Baroda, agency revised VR from “bb” to “bb-“.

It affirmed Issuer Default