Bank of India 'BBB-/A-3' Ratings Affirmed; SACP Lowered To 'bb+' On Weakening Asset Quality

We expect Bank of India's asset quality to remain under pressure over the next 12 months, and have therefore lowered the bank's SACP to 'bb+' from 'bbb-'. We are affirming our 'BBB-' long-term and 'A-3' short-term issuer credit ratings on Bank of India because we continue to see a "very high" likelihood of extraordinary government support. We are also affirming our 'BBB-' long-term issue ratings on the bank's senior unsecured notes. At the same time, we are affirming our 'BBB-' long-term and 'A-3' short-term issuer credit ratings on BoI (New Zealand), which is Bank of India's subsidiary. The stable outlook reflects our expectation that Bank of India will maintain its credit profile over the next 12 months. SINGAPORE (Standard&

...+ We expect Bank of India's asset quality to remain under pressure over the next 12 months, and have therefore lowered the bank's SACP to '##+' from '###-'. + We are affirming our '###-' long-term and 'A-3' short-term issuer credit ratings on Bank of India because we continue to see a "very high" likelihood of extraordinary government support. We are also affirming our '###-' long-term issue ratings on the bank's senior unsecured notes. + At the same time, we are affirming our '###-' long-term and 'A-3' short-term issuer credit ratings on BoI (New Zealand), which is Bank of India's subsidiary. + The stable outlook reflects our expectation that Bank of India will maintain its credit profile over the next 12 months. SINGAPORE (Standard & Poor's) June 3, 2015--Standard & Poor's Ratings Services said today that it had affirmed its '###-' long-term and 'A-3' short-term issuer credit ratings on Bank of India. The outlook on the long-term rating is stable. We also affirmed our '###-' long-term...

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