State Bank of India ’s Ratings Affirmed

Ref: IN01520 CRA 00- 0 1 27 November 2020

State Bank of India ’s Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of State Bank of India (SBI) at ‘BBB-’ and ‘A3’, respectively. At the same time CI Ratings has affirmed SBI’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 remains Negative.

The Bank’s LT FCR is set two notches above the BSR to reflect the high likelihood of extraordinary support from the government (which is a majority shareholder). The government’s moderate creditworthiness precludes any additional notching. The High ESL is underpinned by SBI’s flagship status, its strong domestic presence , and systemic importance as the…