Fitch upgrades Indian banks’ support ratings

Fitch upgrades Indian banks’ support ratings
PTI
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First Published: Fri, Mar 16 2007. 12 40 AM IST
Updated: Fri, Mar 16 2007. 12 40 AM IST
Global-rating agency Fitch has upgraded its support ratings for several Indian banks. The support rating has been upgraded from ‘2’ to ‘3’ for ICICI Bank, Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Union Bank of India and IDBI Ltd, a Fitch release said.
For HDFC Bank, Uco Bank, Indian Overseas Bank, Oriental Bank of Commerce and Allahabad Bank, the rating has been upgraded to ‘3’ from ‘4’.
It has upgraded IDBI’s long-term foreign currency Issuer Default Rating to ‘BBB-’ (BBB minus) from BB+ and its individual rating to ‘C/D’ from ‘D/E’. The actions reflect the government’s improved ability to provide timely support to banks as reflected in the government’s long-term foreign currency IDR of ‘BBB-’.
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First Published: Fri, Mar 16 2007. 12 40 AM IST
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