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Fitch downgrades outlook for SBI, 8 other banks following India’s sovereign rating

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NEW DELHI : Fitch Ratings on Monday said it has revised the outlook to negative from stable of nine Indian banks, including State Bank of India, ICICI Bank and Axis Bank, following lowering of India's sovereign rating outlook due to impact of coronavirus pandemic on the economy.The rating agency revised the outlook for Export-Import Bank of India (EXIM), SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank while affirming their ratings.At the same time, Fitch has affirmed IDBI Bank Ltd's (IDBI) rating, while maintaining the outlook at negative."The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, 2020.

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