S&P cuts rating outlook of top banks

Standard & Poor’s Ratings Services has revised its outlook on long term counterparty credit ratings on 11 financial institutions to negative from stable. The 11 institutions are: Axis Bank, Bank of India, HDFC Bank, ICICI Bank, IDBI Bank, Indian Overseas Bank, Indian Bank, Infrastructure Development Finance Company, State Bank of India, Syndicate Bank, and Union Bank of India.