S&P Revises Upward Ratings of 7 Banks

Expecting banks and leading non-banks to maintain adequate asset quality, good profitability, and enhanced capitalization over the next 12-24 months, S&P Global Ratings, which has upgraded the sovereign rating on the country to BBB with positive outlook—first time in 18 years—has raised the long-term issuer credit ratings with stable outlook on seven banks and three finance companies, despite noting some pockets of stress.

- ENS ECONOMIC BUREAU @ Mumbai

These entities are SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Union Bank of India, and Indian Bank, and three non-banking finance companies -- Bajaj Finance, Tata Capital and L&T Finance.