Summary: Bank of Baroda

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The issuer credit rating on Bank of Baroda (BOB) reflects the India-based bank's strong market position in the domestic market in terms of deposits, its adequate profitability, and comfortable liquidity profile. The bank's moderate asset quality and capitalization temper these strengths. We assess BOB's stand-alone credit profile at 'bbb-'. We expect the government of India (unsolicited rating BBB-/Stable/A-3) to provide extraordinary support to BOB in a distress situation due to the bank's systemic importance and the government's major shareholding. The current rating, however, does not incorporate this support, and the one notch support is unutilized. BOB's strong deposit base provides it a low-cost source of funding. As at Dec. 31, 2010, the bank had total assets of Indian rupee (INR)...

Companies mentioned in this report are: Bank of Baroda (Unsolicited Ratings)
Action: Review

Bank of Baroda (Unsolicited Ratings)

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