...Government Support-Driven IDR: Bank of Maharashtra's (BOM) Long-Term Issuer Default Rating (IDR) and Government Support Rating (GSR) are equalised with India's sovereign rating, reflecting a high probability of extraordinary state support for the bank, if needed. This takes into consideration the state's 79.6% ownership of the bank, its high share of deposits and loans in its home market, and Fitch Ratings' assessment that the state has a strong propensity to support the banking system. The Stable Outlook on the IDR mirrors the sovereign Outlook. The VR upgrade to 'bb-' is supported by improvements in the bank's risk profile, which are also reflected in its financial performance in the past five years. Financial performance remains a key consideration in our assessment due to the historical volatility and vulnerability associated with the bank's moderate buffers and high growth appetite. Supportive Operating Environment: India's strong medium-term growth potential and its large, diversified...
