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Moody's cuts outlook on SBI, HDFC Bank, Infosys, many other Indian firms

The rating outlooks for Bank of India, Canara Bank, Syndicate Bank and Union Bank of India are maintained at stable.

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Moody's, Moodys

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable.

Moody's revised its outlook of six FIs to negative from stable. They are Exim India, HDFC Bank, Hero FinCorp, Housing and Urban Development Corporation, Indian Railway Finance Corporation and State Bank of India. The rating outlooks for Bank of India, Canara Bank, Syndicate Bank and Union Bank of India are maintained at stable.

Separately, Moody's downgraded the long-term counterparty risk assessment and long-term local currency counterparty risk rating of HDFC Bank's Bahrain branch and ICICI Bank's Bahrain Branch to Ba2(cr) from Ba1(cr) and Ba2 from Ba1 to align these ratings with Bahrain's local currency ceilings.

Also for ICICI Bank Bahrain Branch, Moody's downgraded the long-term foreign currency senior unsecured medium-term note programme rating and subordinate medium-term note programme rating to (P)Ba3 from (P)Ba2 to align these ratings with Bahrain's foreign currency bond ceiling.

Besides, Moody's changed the outlook to negative on ratings of eight non-financial corporates. They include Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd, Oil and Natural Gas Corporation Ltd, Oil India Ltd, Petronet LNG Ltd, Infosys Ltd and Tata Consultancy Services Ltd.

Similar action was taken against eight sovereign-linked infrastructure companies. They include NTPC Ltd, NHPC Ltd, National Highways Authority of India, Gail India Ltd, Power Grid Corporation of India Ltd, Adani Green Energy Restricted Group (RG-2) comprising of Wardha Solar (Maharashtra) Pvt Ltd, Adani Renewable Energy Ltd and Adani Transmission Restricted Group.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, November 08 2019. 18:14 IST
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