S&P differs with Moody's, upgrades banking sector

Breather likely for bank stocks but sector to remain in sharp focus. Differing with its peer, Moody’s, leading rating agency Standard & Poor’s (S&P) upgraded India’s banking industry on Thursday, terming the country’s domestic regulations in line with international standards. S&P’s “Banking Industry Country Risk Assessment (BICRA) on India” score was upgraded to group five from group six. The agency also revised the economic score to five from six and assigned an industry risk score of five. Other countries in BICRA group ‘5’ include China, Portugal, Thailand and Turkey.

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