Taking into account the credit profile of Citigroup and Merrill Lynch along with the economic scenario in the US and Europe, rating agency Crisil on Wednesday adopted a cautious stance on some Indian arms of the global financial giants. 

While downgrading its outlook on the long-term ratings from “stable” to “negative” for Cirigroup’s four Indian arms, including its consumer loans arm Citifinancial, Crisil also made a downward revision of the long-term ratings and outlook for two companies belonging to DSP Merrill Lynch. Long-term ratings and a stable outlook have been, however, reaffirmed for Citibank, Crisil said in a statement.