Axis Bank, HDFC Bank and ICICI Bank slipped over 1%, after Moody’s Investors Service downgrades the standalone bank financial strength rating this banks.
Moody’s Investors Service has downgraded the standalone bank financial strength rating ( BFSR) of three Indian banks— Axis Bank, HDFC Bank and ICICI Bank— to D+ from C-.
The rating actions took place in the context of an ongoing global review affecting all banks whose standalone ratings are higher than the rating of the government where they are domiciled, and they conclude the review that was initiated on 30 April 2012, it said in its press release.
It also downgraded the foreign currency insurance financial strength of Life Insurance Corporation ( LIC) to Baa3.
However, it said the rating outlook for India's largest insurer is 'stable'. LIC's downgrade, it said, was because its high concentration on one market, reliance on domestic economy and exposure to Indian government securities at 764% of adjusted net worth.
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Moody’s Investors Service has downgraded the standalone bank financial strength rating ( BFSR) of three Indian banks— Axis Bank, HDFC Bank and ICICI Bank— to D+ from C-.
The rating actions took place in the context of an ongoing global review affecting all banks whose standalone ratings are higher than the rating of the government where they are domiciled, and they conclude the review that was initiated on 30 April 2012, it said in its press release.
It also downgraded the foreign currency insurance financial strength of Life Insurance Corporation ( LIC) to Baa3.
However, it said the rating outlook for India's largest insurer is 'stable'. LIC's downgrade, it said, was because its high concentration on one market, reliance on domestic economy and exposure to Indian government securities at 764% of adjusted net worth.
....more info