Moody's trims State Bank of India strength

Moody's Investors Service said it downgraded the State Bank of India's bank financial strength rating, or stand-alone rating, to D+ from C-. The revised rating maps to a baseline credit assessment of Baa3.

As a result of the lower BCA, the hybrid debt rating was downgraded to Ba3from Ba2, according to a news release.

The revised bank financial strength rating carries a stable outlook and the hybrid rating a negative outlook.

"The rating action considers SBI's capital situation and deteriorating asset quality. Our expectations that non-performing assets are likely to continue rising in the near term - due to higher interest rates and a slower economy - have caused us to adopt a negative view on SBI's creditworthiness," Beatrice Woo, a Moody's vice president and senior credit officer, said in the release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.