Moody's downgrades outlook on SBI, Infosys, HDFC Bank, and 11 others

Borrowing costs from overseas markets may not see substantial jump

While revising India’s credit rating outlook to ‘negative’ from ‘stable’, Moody’s on Friday also downgraded the outlook on six financial institutions and eight corporate entities. However, the borrowing cost for these companies is unlikely to see any substantial jump.

The other two international rating agencies, Fitch and S&P, have lower ratings for the sovereign, and therefore of these companies.

The corporate entities that faced outlook revisions are Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Indian Oil Corporation, Oil and Natural Gas Corporation (ONGC), Oil India, Petronet LNG, Infosys, and Tata Consultancy Services (TCS). 
 

Financial firms included State Bank of