Moody's raises rating outlook to 'stable' for 18 corporates, banks

The agency also affirmed the rating on privatisation-bound Bharat Petroleum Corporation, but maintained the 'negative' outlook.

This follows the upgrade by the US-based rating agency in India's sovereign rating outlook to 'stable' from 'negative' on Tuesday. Credit: Reuters File Photo

Moody's Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to 'stable' from 'negative'.

This follows the upgrade by the US-based rating agency in India's sovereign rating outlook to 'stable' from 'negative' on Tuesday. The agency had affirmed the sovereign rating at 'Baa3'.

The nine companies whose rating outlook has been revised upwards are RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL).

Also Read | Moody's upgrades India's outlook to 'stable' from 'negative', affirms rating

The agency also affirmed the rating on privatisation-bound Bharat Petroleum Corporation (BPCL), but maintained the 'negative' outlook.

The nine banks whose outlook has been revised to 'stable' are SBI, Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, PNB, Union Bank and EXIM Bank.

"Stabilization in asset quality and improved capital are the main drivers of this rating action," Moody's said.

Also, the rating outlook has been revised to 'stable' from 'negative' on 10 Indian infrastructure issuers, including NTPC, NHAI, PGCIL, Gail, Adani Transmission and Adani Ports and Special Economic Zone Limited (APSEZ).

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