India's FC upgrade affects 14 banks

The recent upgrade of India's foreign currency deposit ceiling also improved that of its banks. Moody’s Investors Service also upgraded the long-term FC deposit ratings of 14 Indian banks to Ba1 from Ba2.

This rating action takes into account the fact that all Indian banks have a global local currency deposit rating higher than Ba1, and thus their FC deposit ratings have been constrained by India's FC deposit ceiling.

The upgrade of the long-term foreign currency bank deposit ratings to Ba1 with stable outlook from Ba2 affects the following banks: Axis Bank Ltd, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India, HDFC Bank Ltd, ICICI Bank Ltd, IDBI Bank Ltd, Oriental Bank of Commerce, Punjab National Bank, State Bank of India, Syndicate Bank and Union Bank of India. The other ratings assigned to these banks are unaffected by this rating action.