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Bulletin: State Bank of India Rating Unaffected By Underperformance In Fiscal Year 2011 May 11
Standard & Poors, May 2011
Abstract
MUMBAI (Standard & Poor's) May 19, 2011--Standard & Poor's Ratings Services said today that its rating on State Bank of India (SBI; BBB-/Stable/A-3) was not affected by the bank's significant underperformance in fiscal year 2011 that ended March 31. We believe SBI's strong market position in India, sound funding and liquidity profile, and adequate though pressured loan quality will continue to underpin the bank's standalone credit profile. We also expect that SBI will get substantial extraordinary support from government of India (BBB-/Stable/A-3) in a distress situation because of the bank's systemic importance. SBI's financial metrics remain comparable to other banks with a similar rating. We expect SBI's profitability to remain modest as we expect the bank's credit costs to stay...
Companies mentioned in this report are: State Bank of India
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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