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"The outlook revision (on Citibank NA's Indian operations) by Crisil is driven by S&P's rating action on Citigroup Inc and its various affiliates, including Citibank NA," the credit rating agency said in a statement.
Apart from the outlook revision, Crisil reaffirmed the rating at 'AA+' and the short-term rating at 'P1+' on Citibank India. The reaffirmation is based on S&P's outstanding counterparty foreign currency rating of 'A+/Stable' on Citibank NA.
Instruments rated 'AA' are judged to offer a high degree of safety with regard to timely payment of financial obligations and 'P1' rating indicates that the degree of safety regarding timely payment is very strong.
Negative outlook means that a rating may be lower and a stable outlook means that the rating is unlikely to change.
"Crisil's ratings on the debt instruments of Citibank India are based on S&P's ratings on Citibank NA. A rating or outlook change on Citibank NA by S&P could result in a corresponding revision in the rating or outlook on the debt instruments of Citibank India," it said.
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