A day after India’s sovereign ranking downgrade, Moody’s Investors Service on Tuesday minimize scores of eight non-financial corporations, together with Infosys, TCS, ONGC, and three banks SBI, HDFC Bank and EXIM.

It additionally downgraded seven Indian infrastructure issuers, together with NTPC, NHAI, GAIL and Adani Green Energy Restricted Group, by one notch. Issuer scores of IRFC and HUDCO have additionally been lowered.

Moody’s stated the financial disruption brought on by the pandemic and the downgrade of the sovereign ranking are the important thing drivers for Tuesday’s ranking actions. On Monday, Moody’s had downgraded India’s sovereign ranking for the primary time in 22 years by a notch to ‘Baa3’, which is the bottom funding grade — only a notch above junk standing.

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Accordingly, the long-term issuer scores of eight non-financial — Oil and Natural Gas Corporation, Hindustan Petroleum Corporation Ltd, Oil India Ltd, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, Petronet LNG, Tata Consultancy Services (TCS) and Infosys — have been downgraded. The outlooks on all these scores are unfavourable.

However, Moody’s affirmed the issuer ranking of however revised the outlook to unfavourable from steady.

With regard to scores of banks, Moody’s has downgraded the long-term native and international foreign money deposit scores of HDFC Bank and SBI to Baa3 from Baa2, and the long-term issuer ranking of EXIM India to Baa3 from Baa2, with unfavourable outlook.

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The deposit scores of those banks are on the identical degree as India’s Baa3 sovereign ranking. Consequently, Moody’s has downgraded HDFC Bank’s baseline credit score evaluation (BCA) to baa3 from baa2.

Moody’s has positioned the Baa3 long-term native and international foreign money deposit scores of Bank of Baroda, Bank of India, Canara Bank and Union Bank of India and their BCAs underneath assessment for downgrade.

Moody’s has downgraded IndusInd’s long-term native and international foreign money deposit scores, with a unfavourable outlook.