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Moody's downgrades SBI, HDFC Bank amid bleak outlook for Indian banks

Usa India city Mumbai outbreak Government Coronavirus
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MUMBAI: A day after downgrading the country’s sovereign rating to the lowest level, US-headquartered research and rating agency Moody’s Investor Service, on Tuesday, downgraded both the country’s largest private sector lender HDFC Bank Ltd and the state-owned State Bank of India, citing economic disruption caused by covid-19 outbreak, asset price declines creating severe credit shock across sectors and weakening borrowers' credit profiles.

Seven other domestic banks saw either their rating or their outlook being negatively revised by Moody’s on Tuesday. The rating agency announced a rating action on 11 banks.

Apart from SBI and HDFC Bank, the nine other banks whose ratings faced an action by Moody’s include Bank of Baroda, Bank of India,

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
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India
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Brazil
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