Credit rating agency -- India Ratings and Research (Ind-Ra) has downgraded Bank of India's (BoI) Long-Term Issuer Rating to 'AA' from 'AA+'. The Outlook is Stable. The downgrade reflects the BoI's inability to sustain its current position of systemic importance with the possibility of a further decline in its overall share of systemic assets and liabilities, mirroring the continuing pressure on its asset quality.
BOI's Long-Term Issuer Rating reflects the bank's systemically important position and Ind-Ra's expectations that the bank would continue to receive support from the government of India (GoI).
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