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S&P revises 11 Indian banks to stable
Standard & Poor's said it revised the outlooks on the following Indian banks and financial institutions to stable from negative: Axis Bank Ltd., Bank of India, HDFC Bank Ltd., Icici Bank Ltd., IDBI Bank Ltd., Indian Bank, IDFC Ltd., Kotak Mahindra Bank Ltd., Kotak Mahindra Prime Ltd., State Bank of India and Union Bank of India.
The outlook is still negative on Indian Overseas Bank and Syndicate Bank.
All ratings on all these entities and their issues were affirmed. This follows an outlook revision on the sovereign credit rating on India (BBB-/stable/A-3).
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