Standard&Poor's Ratings Services bases its issuer credit rating (ICR) on HDFC Bank Ltd. on the bank's "strong" business position, "adequate" capital and earnings, "adequate" risk position, and "above-average" funding and "strong" liquidity, as our criteria define those terms. At the same time, the constraint on HDFC Bank rating imposed by the sovereign foreign currency rating is also taken into consideration. The stand-alone credit profile (SACP) on HDFC Bank is 'bbb+'. The ICR is two notches below the SACP. We do not rate the bank ICR above the foreign currency sovereign rating on India (BBB-/Stable/A-3) since HDFC Bank operates almost exclusively in India and we do not expect the bank to be able to withstand the stress associated with
