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S&P says Covid-19 to hit asset quality of lenders, cuts Axis, ICICI Bank outlook to negative
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S&P said the economic recovery will be U-shaped, the risks for the banking sector remain on the downside and also warned of some rating downgrades because of the pandemic MUMBAI : The Covid-19 pandemic will lead to a deterioration in asset quality for Indian lenders, global ratings agency Standard & Poor's (S&P) said on Friday, cutting its outlook on private sector lenders Axis Bank and ICICI Bank to “negative".
The agency said the economic recovery will be U-shaped, the risks for the banking sector remain on the downside and also warned of some rating downgrades because of the pandemic.
It can be noted that since late 2014, with the asset quality review, the going has been difficult for the Indian banks which are now saddled with toxic
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