One of the largest public sector banks in India, with a sizable branch network and overseas presence. Very high likelihood of government support because of state ownership. High credit costs due to large stressed loans. Pressure on capitalization and earnings. The stable outlook on Bank of India (BOI) reflects our expectation that the likelihood of government support for the bank will remain very high. We believe 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 lower rating. The ratings and outlook on Bank of India (New Zealand) Ltd. will move in tandem with that on BOI. We may lower the
