Bank of Baroda Ratings and Positive Outlook Affirmed

30 October 2025

Capital Intelligence Ratings (CI Ratings or CI) today affirmed the Long-Term Foreign Currency Rating (LT FCR) of Bank of Baroda (BOB or the Bank) at ‘BBB-’ with a Positive Outlook, and the Short-Term Foreign Currency Rating (ST FCR) at ‘A3’. At the same time, CI has affirmed the Bank’s Bank Standalone Rating (BSR) of ‘bb+’ with a Stable Outlook, Core Financial Strength (CFS) rating of ‘bb+’ and Extraordinary Support Level (ESL) of High.

BOB’s LT FCR is set one notch above the BSR due to the high likelihood of extraordinary support in case of need from the government. Although our criteria allow for a minimum two-notch uplift when ESL is High, the LT FCR cannot be notched higher, as it is already in line with our current internal assessment of India’s sovereign credit risk. The high ESL is underpinned by the Bank’s large size (USD215bn of assets at the end-Q1 FY26; the fiscal year ends on 31 March), systemic importance, majority…