Fitch ups State Bank of India

Fitch Ratings said it upgraded State Bank of India's (SBI) individual rating to C from C/D.

At the same time, Fitch has affirmed the remainder of SBI's ratings at long-term foreign currency BB+, short-term foreign currency B, national long-term AAA(ind) and support 3. The outlook is stable.

Fitch said that the upgrade in the bank's individual rating recognizes the considerable progress that SBI has achieved in strengthening its balance sheet and in particular, reflects a significant improvement in its asset quality and solvency indicators compared with two to three years ago.

Fitch further noted that SBI's debt ratings are closely linked with India's sovereign rating (long-term BB+) given its majority government ownership, systemic importance and its status as India's largest commercial bank.

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