Fitch revises outlook on domestic lenders to 'Stable', affirms IDRs

Action follows upgrade in outlook on India's Sovereign rating

Global ratings agency Fitch revised outlook on long-term issuer default ratings (IDR) of financial sector entities including banks from “Negative” and “Stable” on Wednesday, following an upgrade in the outlook last week, on India's sovereign rating from “BBB-” to “Stable”.

The financial institutions that saw change in outlook are State Bank of India, Bank of Baroda (BOB) and its subsidiary in Newland, Bank of India, Canara Bank, Punjab National Bank, ICICI Bank and Axis Bank and Export and Import Bank of India.

The rating agency has affirmed their IDRs.

Fitch has also affirmed the Government Support Ratings (GSRs) for seven