Fitch cuts Bank of India viability

Fitch Ratings said it affirmed the BBB- long-term issuer default ratings of the following eight Indian banks: State Bank of India, Bank of Baroda, Bank of Baroda (New Zealand) Ltd., Punjab National Bank, Canara Bank, Bank of India, Icici Bank Ltd. and Axis Bank Ltd.

The outlooks are stable.

While it affirmed Bank of India’s issuer default rating, the agency downgraded the viability rating to b+ from bb- to reflect its weaker intrinsic risk profile compared with higher-rated peers. The bank's core capital buffer has dropped significantly due to persistent losses and it appears vulnerable to moderate shocks.

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