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Last Updated : Nov 08, 2019 08:45 PM IST | Source: Moneycontrol.com

Moody's revises outlook on 6 Indian financial companies from 'stable' to 'negative'

The development comes after Moody’s Investors Service, on November 7, changed its outlook on India’s ratings to "negative" from "stable", citing increasing risks that the country’s economic growth will remain lower than in the past.

 
 
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Moody's Investors Service revised its outlook on six financial institutions to negative from stable on November 8. These are EXIM India, HDFC Bank, Hero FinCorp, HUDCO, IRFC, and SBI.

At the same time, Moody's has maintained its outlook on Bank of India, Canara Bank, Syndicate Bank and Union Bank as stable.

The development comes after Moody’s Investors Service, on November 7, changed its outlook on India’s ratings to 'negative' from 'stable', citing increasing risks that the country’s economic growth will remain lower than in the past.

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The outlook partly reflects the ineffectiveness of the government and its policy in addressing economic weakness, which led to an increase in debt burden from already-high levels, the rating agency said.

India’s economy grew only 5 percent year-on-year (YoY) between April and June, its weakest pace since 2013, as consumer demand and government spending slowed amid global trade frictions.

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First Published on Nov 8, 2019 03:21 pm
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