Moody's Investors Service today upped the long-term ratings of four Indian financial institutions including SBI and HDFC Bank by a notch to Baa2 following the upgrade of the country's sovereign rating to the same level.


The four institutions with revised rating are Export- Import Bank of India, HDFC Bank, Indian Railway Finance Corporation Limited and State Bank of India, Moody's said in a statement.


In the case of HDFC Bank, the rating agency has also upgraded the bank's baseline credit assessment and adjusted it to Baa2 from Baa3, it said. Moody's has assigned a stable outlook to SBI's DIFC branch.


The US-based agency today upped India's rating to Baa2 from Baa3 and changed its rating outlook to 'stable' from 'positive', saying the reforms will help stabilise rising levels of debt.  -- PTI