Moody's revises outlook to stable for 18 corporates, banks, including RIL, Axis Bank, SBI

PTIUpdated: Wednesday, October 06, 2021, 06:39 PM IST
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The sovereign rating by Moody's stands at 'Baa3' -- which is the lowest investment grade, just a notch above junk status./ Representational image |

After upgrading India's sovereign rating outlook to ''stable'' from ''negative'' on Tuesday,Moody's Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to ''stable'' from ''negative''.

'The nine companies whose rating outlook has been revised upwards are RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL).

The agency also affirmed the rating on privatisation-bound Bharat Petroleum Corporation (BPCL), but maintained the ''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.

"Stabilization in asset quality and improved capital are the main drivers of this rating action," Moody's said.

Also, the rating outlook has been revised to ''stable'' from ''negative'' on 10 Indian infrastructure issuers, including NTPC, NHAI, PGCIL, Gail, Adani Transmission and Adani Ports and Special Economic Zone Limited (APSEZ).

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