Fitch ups State Bank of India, Exim to BBB-

Fitch Ratings said it upgraded the long- and short-term ratings on State Bank of India and the long-term ratings of Export Import Bank of India (Exim) to BBB- from BB+ following the upgrade of India's sovereign ratings earlier this week.

At the same time, Exim has been assigned a short-term foreign currency rating of F3 and the national long-term ratings of both banks were affirmed at AAA(ind), along with State Bank of India's C individual rating.

In addition, Fitch has placed the support ratings of both banks on rating watch positive.

The long-term outlooks are stable.

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