MUMBAI (Standard&Poor's) May 19, 2011--Standard&Poor's Ratings Services said today that its rating on State Bank of India (SBI; BBB-/Stable/A-3) was not affected by the bank's significant underperformance in fiscal year 2011 that ended March 31. We believe SBI's strong market position in India, sound funding and liquidity profile, and adequate though pressured loan quality will continue to underpin the bank's standalone credit profile. We also expect that SBI will get substantial extraordinary support from government of India (BBB-/Stable/A-3) in a distress situation because of the bank's systemic importance. SBI's financial metrics remain comparable to other banks with a similar rating. We expect SBI's profitability to remain modest as we expect the bank's credit costs to stay
