Tuesday, July 5, 2016

Fitch Affirms 9 Indian Banks' IDRs; Downgrades VRs of Canara, IDBI

(The following statement was released by the rating agency)

SINGAPORE/MUMBAI, July 05 (Fitch) Fitch Ratings has affirmed the

Long-Term

Issuer Default Ratings on nine Indian banks as follows:

- State Bank of India (SBI), Bank of Baroda, Bank of Baroda (New

Zealand)

Limited (BoB NZ), Punjab National Bank (PNB), Canara Bank, IDBI

Bank Ltd., ICICI

Bank Ltd. and Axis Bank Ltd. have been affirmed at 'BBB-'

- Indian Bank has been affirmed at 'BB+'

The Outlook on the IDRs is Stable. A full list of

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