Moody’s has upgraded the foreign currency bank deposit ratings to Ba2 with negative outlook from Ba3 for Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, ICICI Bank, Oriental Bank of Commerce, Punjab National Bank, State Bank of India (SBI) and Union Bank of India.

It has upgraded the foreign currency debt ratings of Industrial Development Bank of India and Power Finance Corporation to Ba1 from Ba2.

The foreign currency debt rating of SBI’s Resurgent Indian Bonds has been upgraded to Ba2 with negative outlook from Ba3. The foreign currency debt rating of ICICI Bank is on review for a possible upgrade. The review will be based on the progress on the reverse merger between ICICI Bank and ICICI.

The foreign currency subordinated debt rating for ICICI Bank remains on review for possible upgrade.

The foreign currency issuer rating for Industrial Finance Corporation of India has been upgraded to Ba1 from Ba2. The ratings have been raised to the corresponding rating ceilings for foreign currency deposits, debt and issuer ratings in India, with the exception of SBI’s foreign currency debt rating that refers to the Resurgent India Bonds.