... conditions could undermine asset quality. Outlook: Stable The stable outlook on HDFC Bank Ltd. reflects our view that the bank will maintain its '###+' stand-alone credit profile (SACP) over the next 24 months. The rating on HDFC Bank is capped by our sovereign credit rating on India (###-/Stable/A-3). The rating on the bank will therefore move in tandem with that on the sovereign. S&P Global Ratings does not rate Indian banks above the sovereign rating because of the direct and indirect influence that a sovereign has on banks operating in the country. We would raise our rating on HDFC Bank if we upgrade the sovereign. We would likely raise our assessment of the bank's SACP if it maintains a risk-adjusted capital (RAC) ratio above 10% or reduces its already low credit losses. We could lower the rating on HDFC Bank if we downgrade India. Outside of a change to the sovereign rating, the bank's SACP would have to drop by three notches...
