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Rating Action:

Moody's assigns (P)Baa2 rating to Bank of India's proposed senior unsecured notes

Global Credit Research - 09 Feb 2011

DIFC - Dubai, February 09, 2011 -- Moody's Investors Service has today assigned a provisional (P)Baa2 long-term foreign-currency rating to the Bank of India's proposed senior unsecured notes under its USD2.0 billion medium-term note (MTN) programme issued through its foreign branches. The exact amount, coupon and maturity of the issuance have yet to be decided. The notes are expected to be listed on the Singapore stock exchange (SGX-ST).

RATINGS RATIONALE

Bank of India's Baa2 foreign-currency senior unsecured rating is derived from its D+ bank financial strength rating (BFSR), which maps to a baseline credit assessment (BCA) of Ba1, and Moody's assessment of a very high probability of systemic support in the event of need. The BFSR reflects the bank's significant market presence, comfortable liquidity profile and adequate profitability.

However, Moody's notes that the rating is constrained by Bank of India's high single-party exposure concentration to the Indian government through government securities, similar to other Indian banks. Bank of India, as a majority government-owned bank, enjoys a very high probability of systemic support in Moody's view, leading to a two notch uplift for the Baa2 long-term global local currency (GLC) deposit rating from the Ba1 BCA.

The bank's most recent (unaudited) results - for the nine months ending December 2010 - point to a significant 52% year-on-year increase in net profit to INR19.95 billion (USD440 million). Moody's attributes the increase in net profitability to rising net interest income backed by strong loan growth and significant improvements in net interest margins. However, non-interest and other income slightly declined over the same period. As the Indian economy resumed its high growth momentum, Bank of India's asset quality improved significantly during the first nine months of FY2011, resulting in high recoveries and the upgrading of non-performing loans (NPLs). The ratio of NPLs to gross loans (gross NPL ratio) declined to 2.36% at end-December 2010, from 2.67% in the previous year, while the net NPL ratio fell to 0.88% from 1.03% over the same period. Capitalisation remained at good levels, with the total capital adequacy ratio (Basel II) at 12.41% and the Tier 1 ratio at 7.97% as of the end of December 2010, despite declining from 13.64% and 9.38%, respectively at the end of 2009.

The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007.

The last rating action on Bank of India was implemented on 27 January 2010, when Moody's downgraded the rating on its upper Tier 2 subordinated notes to Ba1 from Baa3 and confirmed the Ba2 rating on the perpetual hybrid Tier 1 notes.

Bank of India, headquartered in Mumbai, had assets of INR2,992 billion (USD66.1 billion) as of the end of December 2010.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: public information, and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

DIFC - Dubai
John Tofarides
Analyst
Financial Institutions Group
Moody's Middle East Limited
Telephone: 00971 4237 9536

London
Yves Lemay
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Middle East Limited
Gate Precinct 3, Level 3
P.O. Box 506845
DIFC - Dubai
UAE
Telephone: 00971 4237 9536

Moody's assigns (P)Baa2 rating to Bank of India's proposed senior unsecured notes
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