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Announcement:

Moody's: Indian bank ratings unchanged after sovereign rating upgrade

28 Jul 2010

Limassol, July 28, 2010 -- Moody's Investors Service has today left unchanged the local currency deposit ratings of all rated Indian banks (see list below) following the recent upgrade on 26 July of India's local currency debt rating to Ba1 from Ba2 (both with a positive outlook). The sovereign upgrade was prompted by India's economic resilience and its fiscal consolidation strategy which is supported by intensifying structural reforms. This upgrade is resulting in a gradual narrowing of the gap between the foreign currency (Baa3) and local currency (Ba1) sovereign ratings.

"The systemic support indicator, which captures the country's capacity to support its banking system, is unaffected by Moody's recent sovereign rating action and remains at Baa2," says Nondas Nicolaides Vice-President and Senior Analyst for Indian banks. Moody's uses the systemic support indicator to assign the supported deposit and debt ratings of banks within a given country.

"At the Baa2 rating level, which is two notches higher than India's local currency debt rating of Ba1, the systemic support indicator also takes into account India's sizeable foreign-currency reserves of around US$280 billion that could, if required, be used for extending systemic support to the banking system " adds Mr. Nicolaides.

Other factors considered in Moody's systemic support indicator assessment include the relative resilience that the Indian banking system has shown during difficult global economic conditions since 2008, as well as the continued modest size of banking assets, relative to the size of the Indian economy.

Moody's still considers India to have a highly supportive framework for its banks. In fact, the government is currently recapitalising a number of public-sector banks, which are majority-owned by the government and had lower capitalisation levels than other Indian banks.

THE FUNDAMENTAL RATINGS OF THE INDIAN BANKS REMAIN UNCHANGED AS FOLLOWS:

(i) State Bank of India: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign-currency deposit sovereign ceiling) with a C- bank financial strength rating (BFSR), which maps to a Baa2 baseline credit assessment with a stable outlook.

(ii) ICICI Bank: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a C- BFSR, which maps to a Baa2 baseline credit assessment with a stable outlook.

(iii) Punjab National Bank: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a D+ BFSR, which maps to a Baa3 baseline credit assessment with a stable outlook.

(iv) Bank of Baroda: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a D+ BFSR, which maps to a Ba1 baseline credit assessment with a stable outlook.

(v) Bank of India: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a D+ BFSR, which maps to a Ba1 baseline credit assessment with a stable outlook.

(vi) Canara Bank: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a D+ BFSR, which maps to a Baa3 baseline credit assessment with a stable outlook.

(vii) HDFC Bank: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a C- BFSR, which maps to a Baa2 baseline credit assessment with a stable outlook.

(viii) IDBI Bank: Baa3/P-3 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a D- BFSR, which maps to a Ba3 baseline credit assessment with a stable outlook.

(ix) Union Bank of India: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a D+ BFSR, which maps to a Ba1 baseline credit assessment with a stable outlook.

(x) Axis Bank: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a C- BFSR, which maps to a Baa2 baseline credit assessment with a stable outlook.

(xi) Central Bank of India: Baa3/P-3 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a D- BFSR, which maps to a Ba3 baseline credit assessment with a stable outlook.

(xii) Syndicate Bank: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a D+ BFSR, which maps to a Ba1 baseline credit assessment with a negative outlook.

(xiii) Oriental Bank of Commerce: Baa2/P-2 global local currency deposit ratings and Ba1/NP foreign currency deposit ratings (constrained by the foreign currency deposit sovereign ceiling) with a D+ BFSR, which maps to a Ba1 baseline credit assessment with a negative outlook.

PREVIOUS RATING ACTIONS & PRINCIPAL METHODOLOGIES

Moody's most recent rating actions on SBI, ICICI Bank, Bank of Baroda, Bank of India, Canara Bank, HDFC Bank, Union Bank of India and Axis Bank were implemented on 27 January 2010, when their foreign currency Upper Tier 2 Notes and Hybrid Tier 1 Notes were downgraded due to Moody's revised Guidelines for Rating Bank Hybrids and Subordinated Debt, published in November 2009, which affected all Indian banks with rated hybrid debt outstanding.

Moody's most recent rating actions on Punjab National Bank, IDBI Bank, Central Bank of India, Syndicate Bank and Oriental Bank of Commerce were implemented on 17 December 2009, when their foreign currency deposit ratings were upgraded to Ba1 from Ba2 following a similar rating action on India's foreign currency deposit ceiling.

The principal methodologies used in rating these issuers are "Bank Financial Strength Ratings: Global Methodology," and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology." These can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

(All figures quoted below are as of 31 March 2010).

State Bank of India, headquartered in Mumbai, had total unconsolidated assets of INR10.5 trillion (US$234.6 billion).

ICICI Bank Ltd, headquartered in Mumbai, had total unconsolidated assets of INR3.6 trillion (US$80.7 billion).

Punjab National Bank, headquartered in New Delhi, had total unconsolidated assets of INR3 trillion (US$65.9 billion).

Bank of Baroda, headquartered in Mumbai, had total unconsolidated assets of INR2.8 trillion (US$61.8 billion).

Bank of India, headquartered in Mumbai, had total unconsolidated assets of INR2.7 trillion (US$61.1 billion).

Canara Bank, headquartered in Bangalore, had total unconsolidated assets of INR2.6 trillion (US$58.8 billion).

IDBI Bank Ltd, headquartered in Mumbai, had total unconsolidated assets of INR2.3 trillion (US$51.9 billion).

HDFC Bank Ltd, headquartered in Mumbai, had total unconsolidated assets of INR2.2 trillion (US$49.4 billion).

Union Bank of India, headquartered in Mumbai, had total unconsolidated assets of INR1.9 trillion (US$43.4 billion).

Central Bank of India, headquartered in Mumbai, had total unconsolidated assets of INR1.8 trillion (US$40.6 billion).

Axis Bank Ltd, headquartered in Mumbai, had total unconsolidated assets of INR1.8 trillion (US$40.1 billion).

Syndicate Bank, headquartered in Bangalore, had total unconsolidated assets of INR1.4 trillion (US$30.9 billion).

Oriental Bank of Commerce, headquartered in New Delhi, had total unconsolidated assets of INR1.4 trillion (US$30.5 billion).

Limassol
Mardig Haladjian
General Manager
Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Limassol
Nondas Nicolaides
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: Indian bank ratings unchanged after sovereign rating upgrade
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