Moody's downgrades ICICI, HDFC Bank, Axis

May 14, 2012 16:44

Global credit ratings firm Moody's today downgraded the country's three largest private sector lenders -- ICICI Bank, HDFC Bank and Axis Bank -- to D+ from C- to align them with the sovereign rating. As a result, the hybrid debt ratings of these banks, except HDFC Bank, will be negatively impacted.

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