Fitch Lowers Axis Bank’s Outlook To Negative, Cuts ICICI Bank’s Support Ratings

Global Rating agency Fitch has announced that ICICI Bank and Axis Bank have inequalities in their risk control mechanisms and has revised down its outlook on the latter to negative on sour assets worries.

It downgraded ICICI Bank’s ‘support rating’ to ‘3’, from ‘2’, its support rating floor to ‘BB+’, from ‘BBB-’. But the agency has affirmed the issuer default ratings and viability ratings of ICICI Bank and Axis Bank at ‘BBB-’ and ‘BBB-’. Axis Bank’s rating degraded to negative from stable, pointing to the high proportion of NPAs.
Source- The Economic Times

Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-

  • ICICI Bank stands for Industrial Credit and Investment Corporation of India.
  • Chanda Kochhar is the MD and CEO of ICICI Bank.
  • Headquarters of ICICI Bank: Mumbai.
  • Axis Bank CEO and MD- Shikha Sharma, Head Office- Mumbai.