S&P revises outlook for SBI, ICICI, 9 other financial institutions

(The following statement was released by the rating agency)

Standard & Poor's Ratings Services said today that it had revised the outlooks on its long-term counterparty credit ratings on 11 financial institutions to negative from stable. At the same time, we affirmed our long-term and short-term counterparty credit ratings as well as our issue ratings on all these financial institutions. Our banking industry country risk assessment (BICRA) score on India is unchanged at 5.