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LIC & 3 more banks under Moody’s downgrade notice
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Print Global agency Moody’s, on Monday, placed credit ratings of leading private sector banks, ICICI Banks, HDFC Bank and Axis Bank, on watch for a possible downgrade within three months.
Moody’s Investors Service said it has placed on review for downgrade three banks in India: ICICI Bank, HDFC Bank and Axis Bank, whose standalone credit assessments are currently positioned above India’s sovereign debt rating.
The announcement reflects Moody’s revised assessment of the linkage between the credit profiles of sovereigns and financial institutions globally.
“Consistent with this guidance, Moody’s expects to position the standalone credit assessments of most banks globally at (or below) the rating of the sovereign where the bank is domiciled,” Moody’s Investors Service said adding “Moody’s expects to conclude the reviews within approximately three months”.
Moody’s has also placed the insurance financial strength rating of Life Insurance Corporation of India (LIC) under review for possible downgrade.
The announcements come close on the heels of lowering of rating outlook of 11 financial institutions, including these three private banks, by S&P.
All the three banks have ‘baa2’ foreign currency long-term ratings from Moody’s, which reflects medium-grade investment rating with some speculative elements and moderate credit risk. Moody’s has placed the insurance financial strength rating of LIC (Baa2/stable) under review for possible downgrade”.
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