Global rating agency, Moody’s Investors Service has downgraded state-owned Bank of India a notch down in terms of Baseline Credit Assessments (BCAs), an indication of intrinsic or standalone financial strength of the bank. The rating firm has downgraded the BCA of Bank of India to ‘ba3’ on account of rise in NPA.
The rating agency stated that the downward pressure on bank’s BCA could develop from a continued deterioration in impaired loans.
Further, Moody’s has affirmed the BCA and adjusted BCA of ICICI, Axis and BOB at baa3, baa3 and ba2, respectively.
