Fitch downgrades long-term default and viability rating of ICICI and Axis banks

Newsroom24x7 Network Mumbai: Fitch Ratings has downgraded ICICI Bank Limited’s Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-‘ and its Viability Rating to ‘bb+’ from ‘bbb-‘. The Outlook on the IDR is Stable. Fitch has also affirmed ICICI’s Support Rating at ‘3’ and Support Rating Floor at ‘BB+’. A full list of rating actions… Read More Fitch downgrades long-term default and viability rating of ICICI and Axis banks

Indian OMCs to continue to be affected by soft margins, Capex

Newsroom24x7 Network Singapore/Mumbai: The financial profiles of India’s three oil-marketing companies (OMCs) – Bharat Petroleum Corporation Limited (BPCL; BBB-/Stable), Indian Oil Corporation Ltd (IOC; BBB-/Stable) and Hindustan Petroleum Corporation Limited (HPCL; BBB-/Stable) – may weaken modestly as gross refining margins are likely to remain soft in the financial year ending March 2020 (FY20) amid increasing… Read More Indian OMCs to continue to be affected by soft margins, Capex

Indian banks reflect weak core capitalisation and poor profitability

Newsroom24x7 Network Mumbai: Fitch maintains a negative sector outlook on Indian banks, to reflect the ongoing struggle of state banks with weak core capitalisation amid rising macro headwinds and poor profitability. Indian banks need significantly more capital than that the state has earmarked so far, given the size and complexity of the asset-quality problem and… Read More Indian banks reflect weak core capitalisation and poor profitability