Moody’s Investors Service affirmed the local and foreign currency deposit ratings of State Bank of India and IDBI Bank at ‘Baa3/P-3’. Issuers assessed ‘Baa’ (Global Long-Term Rating Scale) are judged to have medium-grade intrinsic, or standalone, financial strength, and thus subject to moderate credit risk.
P-3 (Global Short-Term Rating Scale) issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations. The global credit rating agency also affirmed the ratings on these banks’ senior unsecured debt and senior unsecured medium term note (MTN) programmes.
- Moody’s Investors Service, often referred to as Moody’s, is the bond credit rating business of Moody’s Corporation, representing the company’s traditional line of business and its historical name.
- Moody’s CEO is Raymond W. McDaniel Jr.
- Founded in 1909.