Business Update8 Mar 2024, 12:24 am
Moody's affirms State Bank of India's ratings with stable outlook
AI Summary
Moody's Investor Service has affirmed the Baa3 long-term local and foreign currency bank deposit ratings of State Bank of India (SBI) with a stable outlook. The ratings reflect the bank's improved asset quality and profitability, as well as its strong government links and dominant domestic franchise. The outlook is stable.,
Key Highlights
- SBI's ratings are one notch above its balanced Baseline Credit Assessment (BCA) and Adjusted BCA
- SBI's deposit ratings are on par with the Government of India's Baa3 sovereign rating
- SBI's bal BCA takes into consideration its improved asset quality and profitability
- SBI benefits from financial flexibility given its ability to raise capital through selling stakes in its listed subsidiaries