Credit rating agency -- Fitch ratings has affirmed State Bank of India's (SBI's) long-term issuer default rating (IDR) at ‘BBB-’ with a negative outlook. The agency has also affirmed the bank's viability rating at bb, support rating floor at ‘BBB-’ and support rating at 2.
The negative outlook on SBI's IDR mirrors the outlook on India's sovereign rating of ‘BBB-’ which was revised to negative from stable on June 18 due to the impact of the escalating coronavirus pandemic on India's economy. The operating environment for Indian banks remains challenging despite a moderate revival in economic activity due to gradual easing of the lockdown since May.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
