Moody’s ups four Indian financials

Moody's Investors Service said it upgraded the long-term ratings of Export-Import Bank of India (EXIM India), HDFC Bank Ltd., Indian Railway Finance Corp. Ltd. and State Bank of India to Baa2 from Baa3.

The agency also upgraded HDFC Bank’s baseline credit assessment (BCA) and adjusted BCA to baa2 from baa3.

In addition, Moody's upgraded the counterparty risk assessment of HDFC Bank and its Hong Kong branch to Baa1(cr) from Baa2(cr); and of State Bank of India, its Hong Kong, London and Nassau branches to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr). The agency assigned a counterparty risk assessment of Baa2(cr)/P-2(cr) to State Bank of India, DIFC branch.

Furthermore, Moody’s changed the outlook for Indian Railway Finance; EXIM India and its London branch; HDFC Bank, its Bahrain and Hong Kong branches; as well as State Bank of India and its Hong Kong, London, and Nassau branches to stable from positive. It assigned a stable outlook to State Bank of India’s DIFC branch.

The agency said the actions follow the Nov. 16 upgrade of the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3.

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