Fitch upgrades SBI, Exim bank support ratings
Rating agency Fitch has upgraded the support ratings of State Bank of India (SBI) and the Export Import (EXIM) Bank of India, making it the highest rating assigned by the agency to any Indian bank or financial institution.
By PTI |
NEW DELHI: Rating agency Fitch has upgraded the support ratings of State Bank of India (SBI) and the Export Import (EXIM) Bank of India, making it the highest rating assigned by the agency to any Indian bank or financial institution.
Fitch has upgraded support ratings of both the banks to '2' from '3' and has removed them from Rating Watch Positive on which they were placed on August 3, following upgrade of India's sovereign ratings, Fitch said in a release.
The upgrade reflects the Indian government's continued high propensity to support both banks combined with its improved ability to provide support to SBI and EXIM, if necessary, it said.
This has been reflected by the recent upgrade of the sovereign's Long-term Issuer Default rating ("IDR") to 'BBB-' (BBB minus) with a Stable Outlook.
Meanwhile, the agency has withdrawn the National Long-term 'A-(ind)' issuer rating of Usha Martin Ltd.
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The company's long-term secured redeemable non-convertible debenture programme of Rs 50 crore has been paid in full, Fitch added.Start a SIP with as low as ₹500 with ET Money App!
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