Fitch revises rating outlook on 9 Indian banks from ‘Negative’ to ‘Stable’

Fitch Ratings has shift the rating outlook of nine Indian banks which include SBI, ICICI Bank and Axis Bank, from negative to stable.

The other banks are: Bank of Baroda (BOB), Bank of Baroda (New Zealand) Ltd, Bank of India, Canara Bank, Punjab National Bank (PNB) and Union Bank of India.

The Fitch’s Issuer Default Ratings (IDR) are based on assessment of high to moderate probability of extraordinary state support for these banks.