Fitch affirms State Bank of India

Fitch Ratings said it affirmed State Bank of India's ratings following its decision to merge with its subsidiary, State Bank of Saurashtra. The ratings affirmed include its long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3, national long-term rating at AAA(ind), individual rating at C, support rating at 2, support rating floor at BBB-, €100m bonds rated BBB-, $500 million bonds rated BBB-, $300 million bonds rated BBB- and Rs.25 billion lower tier 2 subordinated debt rated AAA(ind).

The outlook is stable.

The merger should not affect the bank's financials in any significant way, the agency said.

The ratings continue to reflect the bank's steady performance, together with its quasi-sovereign risk status as India's largest bank with huge systemic importance, Fitch said.

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