SBI and eight other banks downgraded by Fitch

Fitch Ratings has revised the Outlook on the 'BBB-' Long-Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) of India-based financial institutions to Negative from Stable, while affirming the rating, Reuters has reported.

These include six government banks (including an international banking subsidiary of a government bank), two private banks, two wholly owned government institutions and one infrastructure finance company.

A list of affected entities as reported by Reuters is as follows:- State Bank of India (SBI), Punjab National Bank ( PNB ), Bank of Baroda ( BOB ), Bank of Baroda (New Zealand) Limited (BOBNZ), Canara Bank ( Canara ), IDBI Bank Ltd. ( IDBI ), ICICI Bank Ltd. ( ICICI ), Axis Bank ( Axis ), Export-Import Bank of India (EXIM), Housing and Urban Development Corporation Ltd. (HUDCO), Infrastructure Development Finance Company Ltd. ( IDFC ).

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