Fitch affirms State Bank of India

Fitch Ratings said it affirmed the ratings of State Bank of India, including its long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3, national long-term rating at AAA(ind), €100 million senior bonds at BBB-, $500 million senior bonds at BBB-, $300 million senior bonds at BBB- and $400 million perpetual non-cumulative tier 1 bonds at BB.

The outlook is stable.

The ratings reflect the bank's strong financial condition among Indian banks, together with its quasi-sovereign risk status as India's largest bank with high systemic importance, Fitch said.

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