New Delhi: Global ratings agency Fitch said Monday it has downgraded two leading private sector lenders ICICI Bank and Axis Bank as the banking sector of the country remains under stress. "Fitch Ratings has downgraded ICICI Bank Limited's Long-Term Issuer Default Rating (IDR) to 'BB ' from 'BBB-' and its Viability Rating to 'bb ' from 'bbb-'. The rating action comes amid the challenges the bank faces in its operating environment, Fitch Ratings said in a statement. The rating agency has also affirmed ICICI's Support Rating at '3' and Support Rating Floor at 'BB '. Fitch also downgraded the Long-Term IDR and Viability Rating of Axis Bank to 'BB ' and 'bb ', respectively, from 'BBB-' and 'bbb-'.

Source: Mint June 03, 2019 16:52 UTC