Moody's Downgrades Long-Term Deposit Ratings For SBI, HDFC Bank

Ratings agency Moody's on Tuesday downgraded the long-term local and foreign currency deposit ratings of HDFC Bank and SBI to Baa3 from Baa2, as part of its ratings action on 11 Indian banks. It also placed long-term ratings of Bank of Baroda, Canara Bank, Bank of India and United Bank under review for downgrade. The actions come just a day after Moody's downgraded India's sovereign rating from 'Baa2' to 'Baa3', citing challenges in ...