Following a review of SBI 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 SBI. The outlook on the long-term rating is stable. Our rating on SBI reflects the 'bbb-' anchor, the bank's "strong" business position, "moderate" capital and earnings, "adequate" risk position, "above-average" funding, and "strong" liquidity. Nonetheless, the rating on SBI is level with the sovereign rating on India. We classify SBI as a government-related entity with a "very high" likelihood of obtaining extraordinary government support in the event of financial distress. The stable rating outlook reflects that on the Indian government. As previously announced, on Dec. 1, 2011, Standard&Poor's
