MELBOURNE -- Standard&Poor's CreditWire 12/8/98 -- Standard&Poor's today assigned its double-'B' public information (pi) ratings to Bank of India, Canara Bank, Union Bank of India, and Central Bank of India. 'Pi' ratings are counterparty credit ratings based on public information. 'Pi' ratings play a key part of Standard&Poor's response to the market's need for expanded coverage of ratings and analysis of the global banking community. The double-'Bpi' ratings on all four state-owned Indian Banks are supported by their sound market positions as key depository institutions, with each bank enjoying a strong funding base. Creditworthiness also is supported by majority government ownership and the significant role the banks play in fulfilling social policy objectives. These
