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S&P cuts outlook for more firms

Our Bureau

MUMBAI, Aug. 9

Standard and Poor's has downgraded the rating outlook of ICICI, IDBI and Bank of Baroda to negative from stable. The `BB' long-term and `B' short-term counterpart credit ratings on all the institutions have been reaffirmed, S&P said.

The change in rating outlook of these entities follows the downgrading to negative from stable of the sovereign outlook. The downgrade of India rating reflected unchecked budget deficits and rising domestic indebtedness, the agency said.