Fitch assigns BBB- to SBI's proposed senior unsecured notes; outlook stable
This story was originally published at 15:29 IST on 11 August 2026
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--Fitch rates SBI's proposed notes 'BBB-'
MUMBAI – Fitch Ratings Tuesday assigned State Bank of India's proposed senior unsecured notes an expected rating of 'BBB-', in line with Fitch's criteria of rating unsecured instruments at the same level as the bank's long-term issuer default rating. Fitch gave the bank's issuer default rating a stable outlook enforced by India's sovereign rating, reflecting the rating agency's expectation that SBI has the highest probability of extraordinary support from the Indian government among other banks, if required.
"This takes into consideration SBI's market position as the country's largest bank, the state's 55.5% controlling ownership and its broader policy role than peers," Fitch said. "The Stable Outlook on the IDR (issuer default rating) mirrors that on the sovereign IDR," it added.
Fitch also assigned an expected senior unsecured long-term rating of 'BB+', in line with the long-term issuer default rating, which is driven by SBI's viability rating of 'BB+'.
The rating agency also noted that SBI's key governance aspects, particularly board independence, ownership concentration and protection of creditor or stakeholder rights, have a moderate, yet negative, influence on SBI's credit profile, and are relevant to the ratings in conjunction with other factors.
SBI, the country's largest lender, reported a net profit of INR 211.21 billion for the June quarter, up over 10% on year on a net interest income of INR 469.92 billion. At 1518 IST, shares of the bank were trading at INR 1,066.30 on the National Stock Exchange, slightly down from the previous close.
Reported by Janaki Venugopalan
Edited by Himanshi Gupta
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