Moodys downgrades outlook at SBI, Infosys, HDFC Bank, & eleven others #Business_Standard

Moodys downgrades outlook at SBI, Infosys, HDFC Bank, & eleven others #Business_Standard

November 8, 2019 0 By NewsTakers

Business Standard Illustration: Binay Sinha
While revising India’s credit rating outlook to ‘negative’ from ‘stable’, Moody’s on Friday also downgraded the outlook on six financial institutions and eight corporate entities.
The other two international rating agencies, Fitch and S&P, have lower ratings for the sovereign, and therefore of these companies.
As the sovereign rating has been downgraded, ratings of private firms like Infosys (or TCS) can’t be more than two notches above the sovereign rating.
According to Harihar Krishnamoorthy, head of treasury at FirstRand Bank, the market was not perturbed by the outlook revision, but reacted to uncertainties over the US-China trade deal and changes in the MSCI Index.
The negative outlook “reflects that Moody’s will downgrade the ratings of these companies if Moody’s downgrades the rating of India sovereign to Baa3 from Baa2”, the rating agency said in a statement.
The close links between EXIM Bank, HUDCO, IRFC, and SBI and the Indian government “is the key reason why Moody’s has changed the outlook for these companies to negative from stable, after doing the same for the sovereign rating”, it said.
Reacting to the cut, Singapore’s DBS Bank said the worries over India’s economic growth outlook will be over if fiscal consolidation takes place by prudent spending and higher revenues through privatisation receipts.
Encouragingly, cyclical growth momentum is getting a hand from reduction in rates and surplus liquidity conditions, wrote Radhika Rao, Vice Senior President and Economist at DBS in Singapore.
First Published: Fri, November 08 2019.

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