Bank of Baroda – Ratings Affirmed ; Outlook Remains Stable

Ref: IN0012 2 C RA 00- 0 1 9 November 202 2

Bank of Baroda – Ratings Affirmed ; Outlook Remains Stable

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Fore ign Currency Rating (ST FCR) of Bank of Baroda (BOB) a t ‘ BBB- ’ and ‘ A3 ’ , respectively. At the same time, CI Ratings has affirmed BOB ’ s Bank Standalone Rating (BSR) of ‘ bb ’ , Core Financial Strength (CFS) rating of ‘ bb ’ and Extraordinary Support Level (ESL) of High . The Outlook for the LT FCR and BSR is Stable .

The LT FCR is set two notches above the BSR to reflect the high likelihood of extraordinary support in case of need from the government (which is a majority shareholder). The ESL is underpinned by the Bank ’ s large size, strong domestic presence, systemic importance, as well as…