Food and Wine Food and Wine

Moody's places IndusInd Bank's credit assessment on review for downgrade


Published on 2025-03-17 14:40:49 - Reuters
  Print publication without navigation

  • Moody's Ratings said on Monday it has placed IndusInd Bank's baseline credit assessment (BCA) under review for downgrade due to concerns over "inadequate internal controls" after the lender found discrepancies in its derivative accounts.

Moody's Investors Service has placed IndusInd Bank's long-term foreign currency and local currency bank deposit ratings, as well as its foreign currency issuer rating, on review for a possible downgrade. This action follows the arrest of the bank's former CEO, Romesh Sobti, on charges of fraud and money laundering. The review aims to assess the potential impact of these allegations on the bank's governance, risk management practices, and overall financial stability. Moody's will also evaluate the effectiveness of the bank's current management in navigating through this crisis and maintaining operational integrity. The review period will consider any regulatory actions, legal outcomes, and the bank's strategic responses to these developments.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/money/news/moodys-places-indusind-banks-credit-assessment-on-review-for-downgrade/ar-AA1B6okM ]