Strong business position supported by a strong domestic franchise and good diversification in India. Above-average funding and strong liquidity. Moderate capitalization and earnings. Moderate risk position. The stable outlook on State Bank of India (SBI) reflects the outlook on the sovereign credit rating on India (unsolicited rating: BBB-/Stable/A-3). The stable outlook also reflects our expectation that the bank will maintain its financial profile over the next 24 months. We could downgrade SBI if we lower the sovereign credit rating. A weakening in SBI's 'bbb-' stand-alone credit profile (SACP) may not result in a lower rating because of the government support. For SBI to be downgraded because of a weaker SACP, the SACP must be lowered by two notches to 'bb',
