S&P affirms India banks

Standard & Poor's said it affirmed its counterparty credit ratings on the State Bank of India (foreign currency BB/positive/B, local currency BB+/stable/B) and ICICI Bank Ltd. (foreign currency BB/positive/B) and affirmed its BBpi public information rating on Bank of Baroda.

"Although the affirmations reflect the better financial profiles of SBI and ICICI Bank, the ratings on the two banks remain constrained by Standard & Poor's sovereign ratings on India (foreign currency BB/positive/B, local currency BB+/stable/B)," said S&P credit analyst Adrian Chee.

S&P said the affirmation of the ratings on State Bank of India takes into consideration the continued improvement in the bank's loan quality, satisfactory profitability, and capitalization.

The affirmation of the rating on ICICI Bank reflects its satisfactory financial profile, which is underpinned by recovering underlying profitability, better loan quality and diversification, together with its strong competitive position in the large and still growing potential of the consumer finance market.

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