Global ratings agency Moody’s Investors Service has downgraded the subordinated debt (subdebt) and junior subordinated debt ratings of 11 Indian banks.
“Moody’s removed one to two notches of the two to three notches systemic support uplift previously incorporated in the public sector banks’ subdebt and junior subdebt ratings, concluding a review started on June 3, 2013,” Moody’s said in a statement.
The 11 banks are State Bank of India, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank, Indian Overseas Bank, Syndicate Bank, Union Bank of India and top three private banks ICICI Bank, HDFC Bank and Axis Bank.
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