Moody’s revises outlook for six Indian banks

Moody’s Investors Service said it revised the outlooks for six Indian banks to negative from stable.

The banks are Export-Import Bank of India, HDFC Bank Ltd., Hero Fincorp Ltd., Housing and Urban Development Corp Ltd., Indian Railway Finance Corp. Ltd. and State Bank of India.

The outlook changes follow the change in outlook for India to negative from stable.

The Export-Import Bank, the Housing and Urban Development Corp., the Indian Railway Finance Corp. and State Bank of India have close links to the Indian government, Moody’s said.

The agency changed the outlook on HDFC because of its exposure to government debt.

Moody’s said it revised Hero’s outlook because it expects the Indian economy to slow and that may hurt the financial strength of its parent.

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