Largest bank in India, with good diversity across the country. Above-average funding and liquidity. Stressed asset quality. Modest capitalization and earnings, particularly as we only consider its common equity instruments. The stable outlook over the next 12-24 months reflects our expectation that State Bank of India (SBI) will remain the undisputed market leader in India's banking sector and will receive capital from the government, if needed. We believe SBI will be hit by the current economic headwinds, and have factored the impact in our capital forecasts. We are unlikely to raise the ratings on SBI over the next 18 months. Ratings uplift would require the creditworthiness of both SBI and the India sovereign to improve. This is because of the
