S&P ups State Bank of India hybrids

S&P said it raised its issue ratings on State Bank of India’s (BBB-/stable/A-3) additional tier 1 and tier 2 instruments to BB- and BB+, respectively.

The agency said it believes the default risk on these instruments is lower than previously considered, given recent preemptive government support for AT1 bonds issued by public sector banks. Therefore, S&P raised its issue ratings on the bank’s Basel 3 compliant debt programs.

S&P also affirmed its issuer credit ratings on State Bank of India, Bank of India (BB+/stable/B), Syndicate Bank (BB+/stable/B), Indian Bank (BBB-/stable/A-3), Union Bank of India (BB+/stable/B), Indian Overseas Bank (BB/stable/B) and IDBI Bank Ltd. (BB/stable/B).

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