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S&P downgrades Axis Bank, four NBFCs, cites Covid-19 risks

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Mumbai: S&P Global Ratings on Friday downgraded ratings of Axis Bank and four Indian non-bank financiers, citing worsening operating conditions as a result of the covid-19 pandemic.Axis Bank’s issuer credit rating was cut one notch to BB+ or to junk status.

S&P said that the rating action reflects its expectation that heightened economic risks facing India's banking system will affect the bank's asset quality and financial performance.“While Axis' asset quality is superior to the Indian banking sector average, its level of nonperforming assets (NPAs) will likely remain high compared to international peers.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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