State Bank of India receives ratings action from CRISIL

State Bank of India announced that CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to the Rs 7,500 crore Tier II Bonds under Basel III of State Bank of India and has reaffirmed its 'CRISIL AAA/CRISIL AA+/Stable' ratings on the other debt instruments.

CRISIL Ratings has also withdrawn its rating on Tier I bonds of Rs 3104.8 crore (See 'Annexure - Details of Rating Withdrawn' for details) in line with its withdrawal policy. CRISIL Ratings has received independent verification that these instruments are fully redeemed.

The ratings continue to centrally factor in the SBI group's dominant market position in the Indian banking industry, strong resource profile and adequate capitalisation. The ratings also factor in the continued strong support that the bank is likely to receive from its majority owner, Government of India (GoI), both on an ongoing basis and in the event of distress. These strengths are partially offset by the average asset quality of the group.