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Rating Action:

Moody's takes rating actions on 13 Indian commercial banks

28 May 2009

Rating actions triggered by current reassessment of systemic support indicator

Limassol, May 28, 2009 -- Moody's Investors Service has today placed the ratings of 13 Indian commercial banks on review for possible downgrade in light of its global review of systemic support indicators for the banking systems. (See below for a full list of the affected ratings.)

Moody's previously used the local currency deposit ceiling (LCDC) as the main input for its assessment of the ability of a national government to support its banks. Although anchoring the probability of support at the LCDC is appropriate in many circumstances -- regarding the provision of liquidity to a selected number of institutions over a short period of time -- this might overestimate the capacity of a central bank to support financial institutions in the event of a banking crisis becoming both truly systemic and protracted. This approach is outlined in the Special Comment entitled "Financial Crisis More Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa Countries", which was published in May 2009.

The review of the local currency deposit ratings will look at the extent to which India's ability to provide support to its banking system, if needed, is converging with the government's own debt capacity as a result of the ongoing global economic and credit crisis. Moody's will refine its assessment of systemic support available from the Indian government to capture the impact of the erosion of the local economy's underlying credit fundamentals and the reduced fiscal policy flexibility on the government's ability to support the banking sector.

Factors that Moody's will consider in its assessment of systemic support include the size of the banking system in relation to government resources, the level of stress in the banking system, the foreign currency obligations of the banking system relative to the government's own foreign exchange resources and changes to the government's political patterns.

The following rating actions were taken:

(i) State Bank of India's A1/P-1 GLC deposit ratings were placed on review for downgrade. The FC subordinated (Lower Tier 2), junior subordinated (Upper Tier 2) and perpetual hybrid Tier 1 ratings of Baa2 under its MTN programme were also placed on review for downgrade.

All the other ratings, including the C- BFSR (mapping to a Baa2 baseline credit assessment -- BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.

(ii) ICICI Bank's A2/P-1 GLC deposit ratings were placed on review for downgrade. The FC subordinated (Lower Tier 2), junior subordinated (Upper Tier 2) and perpetual hybrid Tier 1 ratings of Baa2 under its MTN programme were also placed on review for downgrade.

All the other ratings, including the C- BFSR (mapping to a Baa2 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.

(iii) Punjab National Bank's A2/P-1 GLC deposit ratings were placed on review for downgrade. All the other ratings, including the D+ BFSR (mapping to a Baa3 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC debt issuer rating, remain unchanged with a stable outlook.

(iv) Bank of Baroda's A3/P-1 GLC deposit ratings were placed on review for downgrade. The Baa2 FC subordinated (Lower Tier 2) and junior subordinated (Upper Tier 2) ratings and the Baa3 perpetual hybrid Tier 1 rating under its MTN programme were also placed on review for downgrade.

All the other ratings, including the D+ BFSR (mapping to a Ba1 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.

(v) Bank of India's A3/P-1 GLC deposit ratings were placed on review for downgrade. The Baa2 FC subordinated (Lower Tier 2) and junior subordinated (Upper Tier 2) ratings and the Baa3 perpetual hybrid Tier 1 rating under its MTN programme were also placed on review for downgrade.

All the other ratings, including the D+ BFSR (mapping to a Ba1 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.

(vi) Canara Bank's A2/P-1 GLC deposit ratings were placed on review for downgrade. The Baa2 FC subordinated (Lower Tier 2), junior subordinated (Upper Tier 2) and perpetual hybrid Tier 1 ratings under its MTN programme were also placed on review for downgrade.

All the other ratings, including the D+ BFSR (mapping to a Baa3 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.

(vii) HDFC Bank's A3/P-1 GLC deposit ratings were placed on review for downgrade. The Baa2 FC subordinated (Lower Tier 2), junior subordinated (Upper Tier 2) and perpetual hybrid Tier 1 ratings under its MTN programme were also placed on review for downgrade.

All the other ratings, including the C- BFSR (mapping to a Baa2 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.

(viii) IDBI Bank's GLC Baa2/P-2 deposit ratings were placed on review for downgrade. The Baa2 FC senior debt rating was also placed on review for downgrade.

All the other ratings, including the D- BFSR (mapping to a Ba3 BCA) and Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling), remain unchanged with a stable outlook.

(ix) Union Bank of India's A3/P-1 GLC deposit ratings were placed on review for downgrade. The Baa2 FC subordinated (Lower Tier 2) and junior subordinated (Upper Tier 2) ratings and the Baa3 perpetual hybrid Tier 1 rating under its MTN programme were also placed on review for downgrade.

All the other ratings, including the D+ BFSR (mapping to a Ba1 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.

(x) Axis Bank's A3/P-1 GLC deposit ratings were placed on review for downgrade. The Baa2 FC subordinated (Lower Tier 2), junior subordinated (Upper Tier 2) and perpetual hybrid Tier 1 ratings under its MTN programme were also placed on review for downgrade.

All the other ratings, including the C- BFSR (mapping to a Baa2 BCA), Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling) and Baa2 FC senior unsecured debt rating under its MTN programme, remain unchanged with a stable outlook.

(xi) Central Bank of India's Baa2/P-2 GLC deposit ratings were placed on review for downgrade. All the other ratings, including the D- BFSR (mapping to a Ba3 BCA) and Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling), remain unchanged with a stable outlook.

(xii) Syndicate Bank's A3/P-1 GLC deposit ratings were placed on review for downgrade. All the other ratings, including the D+ BFSR (mapping to a Ba1 BCA) and Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling), remain unchanged with a stable outlook, except for the BFSR, which continues to carry a negative outlook.

(xiii) Oriental Bank of Commerce's GLC A3/P-1 deposit ratings were placed on review for downgrade. All the other ratings, including the D+ BFSR (mapping to a Ba1 BCA) and Ba2/NP FC deposit ratings (constrained by the FC deposit sovereign ceiling), remain unchanged with a stable outlook, except for the BFSR, which continues to carry a negative outlook.

PREVIOUS RATING ACTIONS & PRINCIPAL METHODOLOGIES

The last rating action on State Bank of India was taken in April 2007 when its BFSR was upgraded to C- from D+.

The last rating action on ICICI Bank Ltd was taken in November 2008 when its BCA was changed to Baa2 from Baa1.

The last rating action on Punjab National Bank was taken in April 2007 when its BFSR was upgraded to D+ from D.

The last rating action on Bank of Baroda was taken in April 2007 when its BFSR was upgraded to D+ from D.

The last rating action on Bank of India was taken in April 2007 when its BFSR was upgraded to D+ from D.

The last rating action on Canara Bank was taken in January 2009 when the outlook on its A2/P-1 GLC deposit ratings was changed to negative from stable.

The last rating action on HDFC Bank Ltd was taken in March 2008 when its GLC deposit ratings were upgraded to A3/P-1 from Baa1/P-2.

The last rating action on IDBI Bank was taken in April 2007 when its BFSR was affirmed at D-.

The last rating action on Union Bank of India was taken in April 2007 when its BFSR was upgraded to D+ from D-.

The last rating action on Axis Bank Ltd was taken in April 2007 when its BFSR was upgraded to C- from D+.

The last rating action on Central Bank of India was taken in April 2007 when its BFSR was upgraded to D- from E+.

The last rating action on Syndicate Bank was taken in January 2009 when the outlook on its D+ BFSR was changed to negative from stable.

The last rating action on Oriental Bank of Commerce was taken in January 2009 when the outlook on its D+ BFSR was changed to negative from stable.

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 Credit Policy & Methodologies directory, in the Ratings Methodologies sub-directory. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Credit Policy & Methodologies directory.

State Bank of India, headquartered in Mumbai, had assets of INR9,644 billion (US$184.8 billion) as of end-March 2009.

ICICI Bank Ltd, headquartered in Mumbai, had assets of INR3,793 billion (US$72.7 billion) as of end-March 2009.

Punjab National Bank, headquartered in New Delhi, had assets of INR2,469 billion (US$47.3 billion) as of end-March 2009.

Bank of Baroda, headquartered in Mumbai, had assets of INR2,274 billion (US$43.6 billion) as of end-March 2009.

Bank of India, headquartered in Mumbai, had assets of INR2,255 billion (US$43.2 billion) as of end-March 2009.

Canara Bank, headquartered in Bangalore, had assets of INR2,175 billion (US$41.7 billion) as of end-March 2009.

HDFC Bank Ltd, headquartered in Mumbai, had assets of INR1,833 billion (US$35.1 billion) as of end-March 2009.

IDBI Bank Ltd, headquartered in Mumbai, had assets of INR1,724 billion (US$33 billion) as of end-March 2009.

Union Bank of India, headquartered in Mumbai, had assets of INR1,610 billion (US$30.9 billion) as of end-March 2009.

Axis Bank Ltd, headquartered in Mumbai, had assets of INR1,477 billion (US$28.3 billion) as of end-March 2009.

Central Bank of India, headquartered in Mumbai, had assets of INR1,338 billion (US$27.2 billion) as of end-December 2008.

Syndicate Bank, headquartered in Bangalore, had assets of INR1,303 billion (US$25 billion) as of end-March 2009.

Oriental Bank of Commerce, headquartered in New Delhi, had assets of INR1,126 billion (US$21.6 billion) as of end-March 2009.

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 takes rating actions on 13 Indian commercial banks
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