Monday 30 March 2020
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business-standard - 4 days ago

Coronavirus impact to bring more worries for Indian banks: Fitch

The coronavirus-related worries are likely to aggravate difficulties for Indian banks, ratings agency Fitch said on Thursday, revising down the operating environment score for the critical sector by a notch. The score has been revised to BB from BB+ earlier, the agency said, pointing out that COVID-19 outbreak ups the worries for the sector, which is already reeling under weak business and consumer confidence. The outlook on the score is negative, given the uncertainty surrounding the severity and duration of the pandemic, and the associated effects on India s banks of restrictions on economic activity, it said. The operating environment score was last revised down in 2019 due to the weakness in business and consumer confidence, it said. The lockdown will impact industrial production and domestic demand, it said, adding this will exacerbate the economic slowdown of the past few quarters that was partly caused by weaker credit availability from non-bank lenders from September 2018. It .

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