Moody’s upgrades FC deposit ceilings of 14 Banks

After upgrading the country's foreign currency deposit ceiling,Moody's upgraded the long-term foreign currency deposit ratings of 14 domestic lenders,including State Bank and ICICI Bank.

After upgrading the country’s foreign currency deposit ceiling,Moody’s on Thursday upgraded the long-term foreign currency deposit ratings of 14 domestic lenders,including State Bank and ICICI Bank.

The rating has been upgraded to Ba1 from Ba2 and has taken into account the fact that all domestic banks have a global local currency (GLC) deposit rating higher than Ba1,Moody’s said in a press release on Thursday.

The 14 banks include the State Bank,Axis Bank,Bank of Baroda,Bank of India,Canara Bank,Central Bank of India,Exim Bank,HDFC Bank,ICICI Bank and IDBI Bank amongst others.

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The other ratings assigned to these banks will remain unaffected by this rating action,the agency said.

Moody’s last rating for Central Bank of India,IDBI Bank,Oriental Bank of Commerce,Punjab National Bank and Syndicate Bank was taken on October 21,2009. This was after their GLC deposit ratings were downgraded due to Moody’s adjustment of the systemic support indicator for India,the global rating agency said.

Similarly,the last rating action for Axis Bank,Bank of Baroda,Bank of India,Canara Bank,HDFC Bank,ICICI Bank,State Bank of India and Union Bank of India was taken on November 18,2009.

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