Moody’s downgrades ICICI, HDFC Bank, Axis and LIC
Global rating agency Moody’s Investors Service on Monday downgraded the financial strength ratings of leading private sector lenders ICICI Bank, HDFC Bank and Axis Bank to D+ from C-, saying the banks carried sizeable exposure to domestic government debt and pointing out that their creditworthiness was closely tied to that of the sovereign. The downgrade is part of the agency's new methodology under which it realigns the ratings of institutions to the rating of the sovereign in which they are domiciled.