Standard & Poor’s Ratings Services has also revised the outlooks on four Indian government-related entities (GREs) to negative from stable. At the same time, it affirmed the ‘BBB-’ long-term issuer credit ratings on these entities. These include Export-Import Bank of India (India EXIM), India Infrastructure Finance Co. Ltd.
(IIFCL), Indian Railway Finance Corp. (IRFC) and Power Finance Corp. Ltd. (PFC). Similarly it has revised the outlooks on three Indian corporate government-related entities (GREs) including NTPC, NHPC and SAIL.
Simultaneously, it also revised the rating outlooks on three Indian information technology companies to negative from stable. At the same time, we affirmed our ‘BBB+’ long-term corporate credit ratings on these entities. The three companies are Infosys Ltd., Tata Consultancy Services Ltd., and Wipro Ltd. At the same time, Standard & Poor’s affirmed the ‘BBB-’ long-term issuer credit ratings on these entities.
It has also revised the outlooks on its long-term counterparty credit ratings on 11 financial institutions to negative from stable. However its banking industry country risk assessment (BICRA) score on India is unchanged at 5.
The 11 financial institutions are: Axis Bank, Bank of India, HDFC Bank ICICI Bank, IDBI Bank, Indian Overseas Bank , Indian Bank, Infrastructure Development Finance Company, State Bank of India, Syndicate Bank ( and Union Bank of India.