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Standard & Poor's Revises Outlooks On Five Indian Banks To Positive; IDBI Rating Raised To 'BB+'

Standard & Poor's Ratings Services on April 19, 2006, revised the outlooks on the following five Indian banks to positive from stable.

--State Bank of India (SBI);
-- ICICI Bank Ltd. (ICICI Bank);
-- Industrial Development Bank of India Ltd. (IDBI);
-- Bank of India (BoI); and
-- Indian Overseas Bank (IOB).

Standard & Poor's also raised the long-term foreign currency rating on IDBI to 'BB+' from 'BB'. The short-term ratings are affirmed at 'B'.

At the same time, Standard & Poor's affirmed the 'BB+/B' counterparty credit ratings on the other four banks--SBI, ICICI Bank, BoI, and IOB.

The outlook revision for the five banks follows the similar revision in outlook on the sovereign credit ratings on India (BB+/Positive/B) on April 19, 2006.

"The outlook revision on these bank ratings reflects their improving stand-alone profiles against the backdrop of a better operating environment," said Standard & Poor's credit analyst Nandini Vijayaraghavan. "The banks' stand-alone profiles are also expected to be partially strengthened by the better quality in their asset books, given the government bonds they hold," she added.

The 'BB+' long-term foreign currency rating on IDBI factors in the expected extraordinary support from the government if the bank faces distress. The government's dealings with IDBI since its October 2004 restructuring have indicated the government remains committed to having IDBI play a quasi-policy role in long-term development projects. IDBI has demonstrated, although with government assistance, that it has been able to build a sustainable commercial franchise after the restructuring. Standard & Poor's expects IDBI to continue its improvement trajectory in the medium term.


Standard & Poor's Outlook On India Revised To Positive On Improved Budgetary Prospects; Ratings Affirmed ...Click Here

Standard & Poor's Outlooks On India EXIM, Indian Railway Finance Corp., Power Finance Corp. Revised To Positive ...Click Here


ALSO READ OTHER RATING RELATED FEATURES

Moody's Changes Outlook on India's Domestic Currency Debt to Stable from Negative as Debt Ratios Stabilize ...Click Here

Standard & Poor's raises its long-term foreign currency rating on India...Click Here

Detailed comments of Moody's upgrade of India's long term foreign currency rating ...Click Here

Detailed comments of Standard & Poor's Upgrade of India's Outlook...Click Here

Detailed comments of Standard & Poor's Ratings of major Indian financial institutions/commercial Banks...Click Here

Detailed comments of Standard & Poor's Upgrade of India's Outlook...Click Here





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