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India's state-owned banks have ratings cut by Fitch

Sep 24, 2013 - City A.M.

RATINGS agency Fitch has slashed the creditworthiness of three Indian banks, highlighting concerns about the sector's safety as the Indian economy deteriorates.

The Indian Bank is the only institution having its issuer default rating cut. Fitch is also cutting its viability rating, along with those of the Punjab National Bank and Bank of Baroda.

The three institutions are all state-owned, with Fitch specifically pointing to government banks as a problem: "Private banks, though not ...