Moody's Investors Service has affirmed the Baa3 long-term local and foreign currency bank deposit ratings of State Bank of India (SBI). Moody's has also upgraded SBI's Baseline Credit Assessment (BCA) and additional tier 1 securities (AT1) program rating to ba1 and (P)B1 from ba2 and (P)B2, respectively.
At the same time, Moody's has upgraded the long-term local and foreign currency bank deposit ratings of Bank of Baroda (BOB), Canara Bank, and Punjab National Bank (PNB) to Baa3 from Ba1. The BCAs of these three banks were also upgraded to ba3 from b1.
The outlooks on the long-term ratings of all four banks remain stable.
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