Moody’s raises rating outlook to stable for 18 companies, banks, including RIL, SBI
New Delhi: Moody’s Investors Service on Wednesday raised the rating outlook for 18 Indian companies and banks, including Reliance Industries, Infosys, SBI and Axis Bank, from “stable” to “negative”.
This follows the uplifting by the US rating agency of the outlook for India’s sovereign rating to “stable” from “negative” on Tuesday. The agency had confirmed the sovereign rating to ‘Baa3’.
The nine companies whose rating outlook has been revised up are RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL).
The agency also confirmed the rating of Bharat Petroleum Corporation (BPCL), which is being privatized, but maintained the outlook “negative”.
The nine banks whose outlook has been revised to “stable” are SBI, Axis Bank, Bank of Baroda, Canara Bank, Axis Bank, HDFC Bank, ICICI Bank, PNB, Union Bank and EXIM Bank.
“Stabilizing asset quality and improving capital are the main drivers of this rating action,” Moody’s said.
In addition, the rating outlook was revised to “stable” from “negative” on 10 Indian infrastructure issuers, including NTPC, NHAI, PGCIL, Gail, Adani Transmission and Adani Ports and Special Economic Zone Limited (APSEZ).
This story was posted from an agency feed with no text editing. Only the title has been changed.
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