Mumbai: Moodys Investor Services has upgraded State Bank of Indias (long- and short-term) local currency deposit ratings by two notches. The short-term currency rating has been upgraded to Prime-2 from Not Prime and the long-term to A3 from Ba1.
Moodys has also awarded a D+ Finance Strength Rating (FSR) to the bank. The long-term local currency rating assigned to SBI is the highest among all Indian banks that are rated by Moodys.
A bank press release said no other financial institution has an A category rating from Moodys. The D+ FSR is also the highest outstanding rating in that category for all banks in India rated by Moodys, the release added.
Moodys said the revised local currency deposit ratings incorporate SBIs inherent financial strengths, its leading franchise, its competent management as well as some assets quality concern.