On Feb. 2, 2005, Standard&Poor's Ratings Services raised its long-term foreign currency counterparty credit rating on State Bank of India (SBI; BB+/Stable/B) to 'BB+' from 'BB'. The short-term foreign currency 'B' rating on SBI was affirmed. The outlook is stable. These rating actions follow Standard&Poor's upgrade on the foreign currency sovereign rating on India to 'BB+' from 'BB'. The rating upgrade reflects India's improved external position, supported by its reserves accumulation and prudent debt management, and its stable economic growth prospects. The ratings on State Bank of India (SBI) takes into consideration the continued improvement in the bank's financial profile, in particular its loan quality, satisfactory profitability, and capitalization. It is the largest bank in India
