Moody’s acts on Indian banks

Moody’s Investors Service said it various actions on several Indian banks after the downgrade of India’s sovereign rating.

The agency downgraded the issuer and senior unsecured ratings of the Export Import Bank of India to Baa3 from Baa2.

Moody’s lowered Indusind Bank’s rating to Ba1 from Baa3 and the State Bank of India London Branch’s senior unsecured foreign rating to Baa3 from Baa2.

Also, Moody’s downgraded HDFC Bank Ltd. and its senior unsecured rating to Baa3 from Baa2.

The agency also placed the outlooks for the following under review from stable: Bank of Baroda, Bank of Baroda London Branch, Bank of India, its London and Jersey branches and Canara Bank.

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