The Standard and Poor’s (S&P) amidst the COVID-19 outbreak has mentioned that ICICI Bank and Indian Bank might become one of the “fallen angels” if there is a more severe economic recession. “Fallen Angels” are those banks whose ratings have lowered to a speculative grade from investment grade and are rated ‘BBB-‘ with a negative on CreditWatch. Currently, Axis Bank and Bajaj Finance are termed as fallen angels by S&P.
S&P might term ICICI Bank and Indian Bank as “Fallen Angels” if economic downturn continues
