State Bank of India, ICICI Bank, HDFC, NTPC, SAIL, TCS, Infosys, Wipro and IIFCL are among the companies whose rating outlook has been slashed to negative from stable by S&P. S&P has also revised downwards the rating outlook of Export-Import Bank of India, Indian Railway Finance Corp, Power Finance Corp, NHPC, Axis Bank, Bank of India, IDBI Bank, Indian Overseas Bank, Indian Bank, Syndicate Bank, Union Bank of India and IDFC.
S&P has also warned of
downgrading India's rating in two years if there is no improvement in
the fiscal situation and the political climate continues to worsen.
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