Moody's raises rating outlook for 18 corporates, banks

New Delhi: Moody's Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to 'stable' from 'negative'. Moody's further said it will upgrade India rating if there is an increase in growth potential and sustained decline in government debt.

The agency had affirmed the sovereign rating at 'Baa3'. The nine companies whose rating outlook has been revised upwards are RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL). The agency also affirmed the rating on privatisation-bound Bharat Petroleum Corporation (BPCL) but maintained the 'negative' outlook. The nine banks whose outlook has been revised to 'stable' are SBI, Axis Bank, Bank of Baroda, Canara Bank, Axis Bank, HDFC Bank, ICICI Bank, PNB, Union Bank and EXIM Bank.