Moody's downgrades LIC and three private banks

Moody's downgrade of LIC is a result of LIC's recent investments in state owned companies like ONGC(Oil  and Natural Gas Corporation). LIC lost its higher rating as Moody’s downgraded it from Baa2 to Baa3, although it kept the outlook stable. 
Moody's also downgraded three private sector banks, ICICI Bank, HDFC Bank and Axis Bank  to D+ from C- to align their rating with that of the country.  
The standalone bank financial strength rating (BFSR) of ICICI Bank, HDFC Bank and Axis Bank are revised down to D+ from C-, which now maps to a baseline credit assessment (BCA) of Baa3 from Baa2 on the long-term scale.