MUMBAI (Thomson Financial) - Fitch Ratings affirmed State Bank of India's (SBI) long-term foreign currency issuer default rating (IDR) at 'BBB-', short-term foreign currency IDR at 'F3' and national long-term rating at 'AAA(ind)' with a stable outlook.
It said the ratings reflect SBI's strong financial condition among Indian banks, together with its quasi-sovereign risk status as India's largest bank, with very high systemic importance.
Fitch added that the timely infusion of 167 billion rupees equity in March 2008 helped the bank absorb the impact of tighter norms on pension liabilities, as well as the higher capital charge for operational risk under the new Basel II guidelines. TFN.newsdesk@thomson.com yos/jro COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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