S&P Global Upgrades Ratings of Top 10 Indian Financial Institutions

S&P Global Ratings has increased the credit ratings for top Indian financial institutions, including State Bank of India, HDFC Bank, and Tata Capital. This decision follows the recent upgrade of India's sovereign credit rating by the same agency.

S&P emphasized that India's financial institutions are set to benefit from strong economic momentum and systematic improvements, particularly in addressing bad loans. The agency has upgraded ratings for seven Indian banks and three finance companies, acknowledging enhanced asset quality and reduced credit risk.

The rise in ratings comes after S&P elevated India's credit rating to 'BBB', owing to robust economic fundamentals expected to sustain growth in the coming years. The upgraded ratings also cover entities such as Oil and Natural Gas Corp. Ltd., with the overall outlook remaining stable.

(With inputs from agencies.)