Strong business position. Very high likelihood of government support. Stressed asset quality. Stressed capitalization. The stable outlook on Bank of India (BOI) reflects our view that the long-term issuer credit rating on the bank will remain unchanged over the next 12 months. We expect the bank to receive timely financial support from the Indian government (BBB-/Stable/A-3) to a level commensurate with a 'BB+' rating, which is above the bank's stand-alone credit profile (SACP) of 'bb'. Any change in rating or outlook on BOI will be mirrored in the rating on its New Zealand-based subsidiary, Bank of India (New Zealand) Ltd. (BB+/Stable/B). Rising nonperforming assets could lower our assessment of BOI's risk profile, which would lower the rating to 'BB'. While
