Fitch Ratings has upgraded nine banks' long-term issuer rating outlook from 'negative' to 'stable.' State Bank of India, Bank of Baroda, Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank, Union Bank of India, and EXIM Bank are among the banks listed.
Following a fast economic growth and recovery in the financial sector, India's 'BBB-' rating outlook was revised to 'stable' from 'negative.' Fitch's revised outlook on these banks is predicated on a moderate-to-high likelihood of receiving government assistance.
Because of their differences in ownership and ties to the state, the likelihood of extraordinary government support for the two huge private banks will be lower than for large state banks, which are likely to receive priority, it said.
These steps come after Fitch changed the outlook on India's 'BBB-' rating from negative to stable last week, citing reduced downside risks to the country's medium-term growth, as evidenced by its rapid economic recovery and lessening financial sector weaknesses.
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