Global rating agency Fitch has upgraded its support ratings for several Indian banks, including ICICI Bank, HDFC, Punjab National Bank, Canara Bank, Bank of India and IDBI among others.
The support rating has been upgraded fron '2' to '3' for ICICI Bank, Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Union Bank of India and IDBI Ltd, a Fitch release said.
Meanwhile, for HDFC Bank, UCO Bank, Indian Overseas Bank, Oriental Bank of Commerce and Allahabad Bank, the rating has been upgraded to '3' from '4'.
At the same time, the agency has upgraded IDBI's long-term foreign currency Issuer Default Rating ("IDR") to 'BBB-'(BBB minus) from BB+ and the bank's individual rating to 'C/D' from 'D/E', the release said.
The rating actions reflect the Indian government's improved ability to provide timely support to systemically important banks as reflected in the government's long-term foreign currency IDR of 'BBB-'(BBB minus).