Moody’s Cuts Ratings for India’s Biggest Private Banks
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Moody’s Investors Service downgraded the deposit ratings of India’s three biggest private-sector banks, saying the government’s capacity to support them is limited.
The company cut the local-currency deposit and senior unsecured ratings of ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. one level to Baa3/P-3, Moody’s said in a statement on Thursday. The outlook on the long-term ratings of the three banks was raised to positive from stable, in line with Moody’s upward revision of the outlook on India’s Baa3 bonds, the statement showed.