Singapore (Standard&Poor's) Oct. 28, 2004--Standard&Poor's Ratings Services today affirmed its counterparty credit ratings on the State Bank of India (SBI; foreign currency BB/Positive/B, local currency BB+/Stable/B) and ICICI Bank Ltd. (foreign currency BB/Positive/B). At the same time, Standard&Poor's affirmed its 'BBpi' public information rating on Bank of Baroda. "Although the affirmations reflect the better financial profiles of SBI and ICICI Bank, the ratings on the two banks remain constrained by Standard&Poor's sovereign ratings on India (foreign currency BB/Positive/B, local currency BB+/Stable/B)," said Standard&Poor's credit analyst Adrian Chee, associate director in the Financial Services Ratings Group. The affirmation of the ratings on SBI takes into consideration the continued improvement in the
