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Rating Action:

Moody's announces bank rating actions for India resulting from implementation of JDA and BFSR methodologies

24 Apr 2007
Moody's announces bank rating actions for India resulting from implementation of JDA and BFSR methodologies

New York, April 24, 2007 -- Moody's Investors Service today published the rating results for banks in India as part of the application of its refined joint default analysis (JDA) and updated bank financial strength rating (BFSR) methodologies.

BFSRs evaluate the stand-alone or intrinsic financial strength of banks without reference to external support factors. BFSRs are the starting point of Moody's bank credit analysis, and are an important determinant of Moody's bank deposit and debt ratings.

Moody's then uses its JDA methodology to incorporate the potential for external support into a bank's local currency deposit rating. The potential for external support can reduce the riskiness of a bank's deposit and debt obligations; however, such support is often uncertain. Moody's uses conservative support assumptions and a limited number of support levels to ensure that sufficient weight is given to a bank's intrinsic financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings based on its notching guidelines for bank securities. Ratings for foreign currency obligations are determined after considering Moody's country ceilings for foreign currency ratings.

The methodologies are being implemented country by country, with results being announced on a weekly basis. Results for those banks with a parent bank located in another country where the methodologies have not yet been implemented will be concluded at the same time as the parent.

The majority of Indian Banks have benefited from a one-notch upgrade of their BFSRs due to their increasingly sound financial fundamentals and strong franchises, while their local currency deposit ratings, especially those of majority government-owned banks, have also benefited from a very high probability of systemic support in case of need. Most foreign currency deposit and debt ratings remain unchanged since they are already constrained at their respective country ceilings.

The most notable rating change that is mainly driven by systemic support is that of State Bank of India (SBI) whose local currency deposit rating is now rated at A1, which makes it the only Indian bank rated at the corresponding Indian ceiling for such deposits. This specific rating imputes four notches of uplift for SBI, with a number of other banks rated just below at the A2 and A3 levels, driven mainly by systemic support.

This press release lists the names of issuers in India whose ratings have been changed, affirmed, or put on review. To view all ratings changes and other documents explaining Moody's bank rating methodologies, please go to www.moodys.com/JDABanks.

The specific ratings changes are as follows:

Bank of Baroda - The BFSR is changed to D+ from D. The Global Local Currency Deposit Ratings assigned are A3/P-2. The Foreign Currency Deposit Rating is unchanged at Ba2.

Bank of India - The BFSR is changed to D+ from D. The Global Local Currency Deposit Ratings assigned are A3/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior, subordinated and junior subordinated (Upper Tier 2) obligations also is unchanged at Baa2. The Foreign Currency Bond Rating for perpetual non-cumulative subordinated obligations (Hybrid Tier 1) is unchanged at Baa3.

Canara Bank - The BFSR is changed to D+ from D. The Global Local Currency Deposit Ratings assigned are A2/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior, subordinated and junior subordinated (Upper Tier 2) obligations also is unchanged at Baa2. The Foreign Currency Bond Rating for perpetual non-cumulative subordinated obligations (Hybrid Tier 1) is changed to Baa2 from Baa3.

Central Bank of India - The BFSR is changed to D- from E+. The Global Local Currency Deposit Ratings assigned are Baa2/P-2. The Foreign Currency Deposit Rating is unchanged at Ba2.

HDFC Bank Ltd - The BFSR is unchanged at C-. The Global Local Currency Deposit Ratings assigned are Baa1/P-2. The Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank Ltd - The BFSR is unchanged at C-. The Global Local Currency Deposit Ratings assigned A2/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior, subordinated, junior subordinated (Upper Tier 2) and perpetual non-cumulative subordinated (Hybrid Tier 1) obligations also is unchanged at Baa2.

Industrial Development Bank of India Ltd - The BFSR is unchanged at D-. The Global Local Currency Deposit Ratings assigned are Baa2/P-2. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior obligations also is unchanged at Baa2.

Oriental Bank of Commerce - The BFSR is changed to D+ from D. The Global Local Currency Deposit Ratings assigned are A3/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2.

Punjab National Bank - The BFSR is changed to D+ from D. The Global Local Currency Deposit Ratings assigned are A2/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2.

State Bank of India - The BFSR is changed to C- from D+. The Global Local Currency Deposit Rating is changed to A1 from A2. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior, subordinated, junior subordinated (Upper Tier 2) and perpetual non-cumulative subordinated (Hybrid Tier 1) obligations also is unchanged at Baa2.

Union Bank of India - The BFSR is changed to D+ from D-. The Global Local Currency Deposit Ratings assigned are A3/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2.

UTI Bank Ltd - The BFSR is changed to C- from D+. The Global Local Currency Deposit Ratings assigned are A3/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior and subordinated obligations also is unchanged at Baa2. The Foreign Currency Bond Rating for junior subordinated obligations (Upper Tier 2) is changed to Baa2 from Baa3 and for perpetual non-cumulative subordinated obligations (Hybrid Tier 1) is changed to Baa2 from Ba1.

All ratings have a stable outlook in line with the outlook of the country deposit and debt ceilings.

ABOUT MOODY'S BANK RATINGS

Bank Financial Strength Rating

Moody's Bank Financial Strength Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic safety and soundness and, as such, exclude certain external credit risks and credit support elements that are addressed by Moody's Bank Deposit Ratings. Bank Financial Strength Ratings do not take into account the probability that the bank will receive such external support, nor do they address risks arising from sovereign actions that may interfere with a bank's ability to honor its domestic or foreign currency obligations. Factors considered in the assignment of Bank Financial Strength Ratings include bank-specific elements such as financial fundamentals, franchise value, and business and asset diversification. Although Bank Financial Strength Ratings exclude the external factors specified above, they do take into account other risk factors in the bank's operating environment, including the strength and prospective performance of the economy, as well as the structure and relative fragility of the financial system, and the quality of banking regulation and supervision.

Global Local Currency Deposit Rating

A deposit rating, as an opinion of relative credit risk, incorporates the Bank Financial Strength Rating as well as Moody's opinion of any external support. Specifically, Moody's Bank Deposit Ratings are opinions of a bank's ability to repay punctually its deposit obligations. As such, Moody's Global Local Currency Bank Deposit Ratings are intended to incorporate those aspects of credit risk relevant to the prospective payment performance of rated banks with respect to local currency deposit obligations, and includes: intrinsic financial strength and both implicit and explicit external support elements. Moody's Bank Deposit Ratings do not take into account the benefit of deposit insurance schemes which make payments to depositors, but they do recognize the potential support from schemes that may provide assistance to banks directly.

Foreign Currency Deposit Rating

Moody's ratings on foreign currency bank obligations derive from the bank's local currency rating for the same class of obligation. The implementation of JDA for banks can lead to a high local currency ratings for certain banks, which could also produce high foreign currency ratings. Nevertheless, it should be reminded that foreign currency deposit ratings are in all cases constrained by the country ceiling for foreign currency bank deposits. This may result in the assignment of a different, and typically lower, rating for the foreign currency deposits relative to the bank's rating for local currency obligations.

Foreign Currency Debt Rating

Foreign currency debt ratings are derived from the bank's local currency debt rating for the same class of obligation. In a similar way to foreign currency deposit ratings, foreign currency debt obligations may also be constrained by the country ceiling for foreign currency bonds and notes, however, in some cases the ratings on foreign currency debt obligations may be allowed to pierce the foreign currency ceiling. A particular mix of rating factors are taken into consideration in order to assess whether a foreign currency bond rating pierces the country ceiling. They include the issuer's global local currency rating, the foreign currency government bond rating, the country ceiling for bonds and the debt's eligibility to pierce that ceiling.

National Scale Rating

National scale ratings are intended primarily for use by domestic investors and are not comparable to Moody's globally applicable ratings; rather they address relative credit risk within a given country. An Aaa rating on Moody's National Scale indicates an issuer or issue with the strongest creditworthiness and the lowest likelihood of credit loss relative to other domestic issuers. National Scale Ratings, therefore, rank domestic issuers relative to each other and not relative to absolute default risks. National ratings isolate systemic risks; they do not address loss expectation associated with systemic events that could affect all issuers, even those that receive the highest ratings on the National Scale.

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Mardig Haladjian
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Moody's Investors Service Cyprus Limited
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Nondas Nicolaides
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CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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