Strong business position Very high likelihood of government support because of state ownership. Moderate capitalization due to weak earnings. Rising nonperforming loans. The stable rating outlook on Bank of India (BOI) reflects our expectation that the likelihood of government support to the bank will remain very high. It also reflects our view that although the stand-alone credit profile (SACP) for BOI will remain under pressure, it is unlikely to deteriorate so much in the next 12 months to lead to a change in the rating. The ratings and outlook on BOI (New Zealand) will move in tandem with that on BOI. We may lower the rating on BOI if the SACP weakens by two notches to 'b+'. However, we see
