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Fitch lowers ratings of Axis Bank, ICICI Bank

Fitch Ratings downgraded the long-term issuer default ratings of ICICI Bank Ltd. and Axis Bank Ltd. to BB+ from BBB-.

The rating agency said June 3 that it lowered the Indian banks' short-term issuer default ratings to B from F3, as well as its viability ratings to "bb+" from "bbb-."

The outlooks on both banks are both stable.

Fitch has also affirmed the lenders' support rating and support floor rating at 3 and BB+, respectively.

Fitch lowered its midpoint for India's operating environment to "bb+" from "bbb-" following a review of the banking sector's performance in the last three years, its regulatory framework and outlook in the near term.

The ratings downgrade on ICICI Bank also comes amid challenges the bank faces in its operating environment.