Moody's places ICICI, HDFC Bank and Axis Bank under review

Global ratings agency Moody's Investors Service said today it had placed on review India's top three private sector banks ICICI Bank, HDFC Bank and Axis Bank for a possible downgrade.

The review comes mainly due to lower sovereign ratings of India.

Standalone credit assessment ratings of the lenders are currently above India's sovereign debt ratings at present.

''Moody's expects to position the standalone credit assessments of most banks globally at (or below) the rating of the sovereign where the bank is domiciled,'' Moody's said in a report.

The review is expected to be completed in three months.

All the three lenders enjoy Baa2 foreign currency long-term ratings from Moody's, a medium grade rating and showing that the companies have acceptable ability for short-term debt repayment.