Fitch Affirms 'BBB-' Rating for Bank of Baroda, Upgrades VR to 'bb'; Bank of Baroda New Zealand Rating Also Affirmed

Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Bank of Baroda (BOB) and its wholly owned subsidiary, Bank of Baroda (New Zealand) Limited (BOB NZ), at 'BBB-. The Outlook is Stable. Fitch has upgraded BOB's Viability Rating (VR) to 'bb', from 'bb-, and affirmed the Government Support Rating (GSR) at 'bbb-' and Short-Term IDR at 'F3'. BOB NZ's Shareholder Support Rating (SSR) has been affirmed at 'bbb-'. The upgrade of BOB's VR is supported by improvements in the financial profile, including asset quality, capitalisation and profitability. The Stable Outlook on the IDR mirrors that on the sovereign IDR.