Following a review of HDFC Bank under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'BBB-' long-term and 'A-3' short-term issuer credit rating on HDFC Bank. The outlook on the long-term rating is stable. Our rating on HDFC Bank reflects the 'bbb-' anchor, the bank's "strong" business position, "adequate" capital and earnings, "adequate" risk position, "above-average" funding, and "strong" liquidity. Nonetheless, the rating is level with the sovereign rating on India. The stable rating outlook reflects that on the Indian government. As previously announced, on Dec. 1, 2011, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term issuer credit rating (ICR) on HDFC Bank Ltd. The outlook on the long-term
