Fitch downgrades banking outlook to negative

MUMBAI: Rating agency Fitch has downgraded the banking sector outlook to negative, from stable, due to more downside risks emanating from rising stressed loans and

MUMBAI: Rating agency Fitch has downgraded the banking sector outlook to negative, from stable, due to more downside risks emanating from rising stressed loans and weak corporate earnings, which may further roil banks. The agency has affirmed long-term ratings of nine banks, including State Bank of India, Bank of Baroda and its New Zealand arm, Punjab National Bank, Canara Bank, IDBI Bank, ICICI Bank and Axis Bank, at ‘BBB-’.

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