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Bank of India
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Strong position in the domestic market Comfortable funding position Adequate profitability though weaker than some peers' Moderate capitalization The ratings on Bank of India (BOI) reflect the bank's strong customer franchise, large network in the home market, adequate profitability, and comfortable funding position. We believe the bank's asset quality is satisfactory. BOI's lower capitalization than large domestic rated peers' tempers these strengths. We assess BOI's stand-alone credit profile at 'bbb-', equal to the sovereign rating on India (BBB-/Stable/A-3). We expect the government to provide extraordinary support to BOI in a distress situation due to the bank's systemic importance and the government's majority shareholding. The current rating, however, does not incorporate this support. BOI's 64.5% government ownership (as of Dec. 31,...
Companies mentioned in this report are: Bank of India,Bank of India (New Zealand) Ltd.
Action: Review
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