New Delhi: Moody’s Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including: Reliance Industries, Infosys, SBI and Axis Bank, from ‘negative’ to ‘stable’.
This comes after the US-based rating agency upgraded India’s sovereign rating outlook from ‘negative’ to ‘stable’ on Tuesday. The agency had confirmed the sovereign rating at ‘Baa3’.
The nine companies whose rating outlook has been revised are RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, Indian Oil Corporation and Hindustan Petroleum Corporation Limited (HPCL).
The agency also reaffirmed the rating on privatization-bound Bharat Petroleum Corporation (BPCL), but maintained a ‘negative’ outlook.
The nine banks whose outlook has been revised to ‘stable’ are SBI, Axis Bank, Bank of Baroda, Canara Bank, Axis Bank, HDFC Bank, ICICI Bank, PNB, Union Bank and Exim Bank.
“Stability in asset quality and improved capital are the main drivers of this rating action,” Moody’s said.
Also, the rating outlook on 10 Indian infrastructure issuers including NTPC, NHAI, PGCIL, GAIL, Adani Transmission and Adani Ports and Special Economic Zone Limited (APSEZ) has been revised from ‘negative’ to ‘stable’.
This comes after the US-based rating agency upgraded India’s sovereign rating outlook from ‘negative’ to ‘stable’ on Tuesday. The agency had confirmed the sovereign rating at ‘Baa3’.
The nine companies whose rating outlook has been revised are RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, Indian Oil Corporation and Hindustan Petroleum Corporation Limited (HPCL).
The agency also reaffirmed the rating on privatization-bound Bharat Petroleum Corporation (BPCL), but maintained a ‘negative’ outlook.
The nine banks whose outlook has been revised to ‘stable’ are SBI, Axis Bank, Bank of Baroda, Canara Bank, Axis Bank, HDFC Bank, ICICI Bank, PNB, Union Bank and Exim Bank.
“Stability in asset quality and improved capital are the main drivers of this rating action,” Moody’s said.
Also, the rating outlook on 10 Indian infrastructure issuers including NTPC, NHAI, PGCIL, GAIL, Adani Transmission and Adani Ports and Special Economic Zone Limited (APSEZ) has been revised from ‘negative’ to ‘stable’.
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