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Rating Action:

Moody's affirms State Bank of India's ratings

16 Oct 2017

Singapore, October 16, 2017 -- Moody's Investors Service has affirmed State Bank of India's (SBI) local and foreign currency deposit ratings of Baa3/P-3. At the same time, Moody's has affirmed the Baa3 rating on the bank's senior unsecured debt (issued via its London branch) and (P)Baa3 rating on its senior unsecured medium term note (MTN) program.

Moody's has also affirmed SBI's baseline credit assessment (BCA) of ba1 and its adjusted BCA of ba1.

And, Moody's has affirmed the ratings for the bank's foreign currency subordinated MTN and foreign currency junior subordinate MTN program of (P)Ba1 and (P)Ba2. Moreover, Moody's has affirmed the B1(hyb) rating on the bank's preferred stock (non-cumulative) (issued via its DIFC branch).

In addition, Moody's has affirmed SBI's Counterparty Risk Assessment (CR Assessment) of Baa3(cr)/P-3(cr).

Moody's has affirmed all other short-term program ratings at (P)P-3.

The outlook on all the long-term ratings above is positive.

The full list of affected ratings is provided at the end of this press release.

RATINGS RATIONALE

The affirmation of SBI's ratings as well as its BCA reflect Moody's expectation that the bank's financial profile will remain stable over the next 12-18 months.

SBI's asset quality metrics deteriorated significantly after the merger with associate banks, and also because of the economic disruptions in the last few quarters. At end-March 2017, the bank's reported gross nonperforming loan (NPL) ratio increased to 9.0% on a consolidated basis compared to 6.9% on a solo basis. At the end of June 2017, the consolidated NPL ratio increased further to 9.9%.

Moody's attributes some of the negative pressure on the bank's asset quality to the one-off effect of the merger, and expects asset quality to remain broadly stable, because the bank has been proactive in recognizing legacy credit issues, while it has de-risked its new origination book over the last two to three years. Furthermore, a large proportion of its NPLs are under different resolution processes, and, as such, any resolutions can improve SBI's asset quality metrics.

Nevertheless, there are still some downside risks to asset quality. Within the corporate book, the bank has identified potential weak loans — the so-called watchlist loans — that could slip within the financial year ending March 2018. Such loans represent 1.3% of its gross loans as of June 2017. Furthermore, risks could emerge in the bank's small and medium enterprises, as well as retail and agriculture loan book, particularly if economic indicators remain weak. SBI's performance in the most recent quarter ended June 2017 provides some evidence to this trend, as seen by 60% of the bank's new NPLs (slippages) emerging in these segments.

Having said that, these risks are somewhat mitigated, given the bank's loss absorbing buffers; specifically, its improving capitalization and loan loss reserves. In June 2017, the bank raised INR150 billion ($2.3 billion) in new capital via a qualified institutional placement. As a result, at end-June 2017, it reported a common equity tier 1 (CET1) ratio of 10.2%, up from 9.9% at end-March 2017.

SBI also has access to a number of sources of capital, including the remaining 62.1% in its listed life insurance subsidiary — which is valued at about INR435 billion ($6.6 billion) — potential capital injections from the Indian government (Baa3 positive), as well as an ability to access the equity capital markets.

In addition, Moody's expects that the bank's profitability profile will gradually improve, as credit costs come down. Despite the asset quality issues, SBI's operating profits have broadly remained stable, reflecting its strong core franchise — which has strengthened further after the merger with associate banks — business diversification, as well as increased focus on businesses that generate higher return on capital.

The bank's strong funding and liquidity profiles represent its key credit strengths. Its core deposit base provides a low-cost, stable and sustainable funding source. SBI's strong core deposit base — mainly stemming from the retail sector — drives its firm liquidity position, which Moody's says should persist over at least the next 12-18 months.

Moody's also believes there is a very high probability of government support for SBI, in the event of stress, given the bank's: (1) sizeable 23% share of total system deposits as of the end of June 2017 and 21% of system loans; (2) status as the largest commercial bank in India; and (3) designation by the Reserve Bank of India as one of the country's three major and systemically important banks. The government owns a 57.07% stake in SBI and is visibly involved in the management of the bank, including the appointment of senior managers and setting of key performance indicators.

WHAT COULD CHANGE THE RATINGS -- UP

SBI's senior unsecured debt and deposit ratings carry a positive outlook, reflecting Moody's expectation of a very high level of government support for the bank in times of need, as well as the bank's relatively strong standalone credit profile or BCA of ba1 when compared with other Indian rated public sector banks. Moody's assessment of government support for SBI indicates that the bank's ratings would be likely to be upgraded if India's sovereign rating is upgraded.

WHAT COULD CHANGE THE RATINGS -- DOWN

Downward pressure on SBI's standalone credit profile or its BCA will arise if further credit losses worsen its capital position.

Additionally, any indications that support from the Government of India has diminished or that additional capital requirements may arise beyond the government's budgeted amount could put the bank's deposit and senior unsecured debt ratings under pressure.

Any downward changes in the sovereign's ceilings could also affect the bank's deposit and senior unsecured debt ratings.

The principal methodology used in these ratings was Banks published in September 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Taking into account today's announcement on SBI's ratings, the bank's ratings are as follows:

State Bank of India

Local currency deposit rating affirmed at Baa3/P-3; outlook on the long-term rating is positive

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on the long-term rating is positive

Other short-term program rating affirmed at (P)P-3

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating affirmed at (P)Ba1

Foreign currency junior subordinate MTN program rating affirmed at (P)Ba2

Pref. stock (non-cumulative) MTN program rating affirmed at (P)B1

BCA and Adjusted BCA affirmed at ba1

CR Assessment affirmed at Baa3(cr)/P-3(cr)

Outlook maintained at Positive

State Bank of India, Hong Kong Branch

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating affirmed at (P)Ba1

Foreign currency junior subordinate MTN program rating affirmed at (P)Ba2

Pref. stock (non-cumulative) MTN program rating affirmed at (P)B1

Other short-term program rating affirmed at (P)P-3

CR Assessment affirmed at Baa3(cr)/P-3(cr)

Outlook maintained at Positive

State Bank of India, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3, outlook is positive

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating affirmed at (P)Ba1

Foreign currency junior subordinate MTN program rating affirmed at (P)Ba2

Pref. stock (non-cumulative) MTN program rating affirmed at (P)B1

Other short-term program rating affirmed at (P)P-3

CR Assessment affirmed at Baa3(cr)/P-3(cr)

Outlook maintained at Positive

State Bank of India, Nassau Branch

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating affirmed at (P)Ba1

Foreign currency junior subordinate MTN program rating affirmed at (P)Ba2

Pref. stock (non-cumulative) MTN program rating affirmed at (P)B1

Other short-term program rating affirmed at (P)P-3

CR Assessment affirmed at Baa3(cr)/P-3(cr)

Outlook maintained at Positive

State Bank of India, DIFC Branch

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating affirmed at (P)Ba1

Foreign currency junior subordinate MTN program rating affirmed at (P)Ba2

Pref. stock (non-cumulative) MTN program rating affirmed at (P)B1

Pref. stock (non-cumulative) rating affirmed at B1(hyb)

Other short-term program rating affirmed at (P)P-3

State Bank of India, headquartered in Mumbai, reported total consolidated assets of INR33.3 trillion at 30 June 2017.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Alka Anbarasu
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Gene Fang
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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