NEW DELHI: Fitch Ratings has lowered the credit rating outlook to negative from stable of 11 financial entities in India consisting SBI, ICICI Bank, PNB and Axis Bank.
The revision has come after the rating agency changed India's outlook to negative earlier this week.
An official statement from Fitch said, “The outlook revision of the financial institutions reflects their close linkages with the sovereign by virtue of their high exposure to domestic counterparties and holdings of domestic sovereign debt.”
The downgraded entities comprise of six-government banks and two-private banks. The list consist Bank of Baroda, Bank of Baroda (New Zealand) Ltd (BOBNZ), Canara Bank and IDBI Bank.
Apart from two wholly owned government institutions – Export-Import Bank of India and Housing and Urban Development Corporation Ltd have been revised. The outlook of IDFC Ltd and Indian Railway Finance Corporation Ltd outlook has also now become negative.