Moody's Investors Service has affirmed the local currency and foreign currency bank deposit ratings of Axis Bank and ICICI Bank at Baa3/P-3, respectively.

At the same time, Moody's has downgraded the baseline credit assessments (BCAs) and adjusted BCAs of Axis and ICICI to ba1 from baa3.

Furthermore, Moody's has downgraded the Counterparty Risk Assessments (CR Assessments) of both Axis and ICICI to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr).

The foreign currency senior unsecured debt ratings, as well as the foreign currency senior unsecured medium-term note (MTN) program ratings for ICICI's branches, Axis Bank, DIFC Branch and Axis Bank, Hong Kong Branch have been affirmed at Baa3 and (P)Baa3 respectively.

The outlooks on all ratings, where applicable, have been revised to stable from positive.