Standard&Poor's bases its issuer credit rating (ICR) on SBI on the bank's "strong" business position, "moderate" capital and earnings, "adequate" risk position, "above-average" funding and "strong" liquidity, as our criteria define those terms. We consider the bank a government-related entity and believe it is likely to receive government support in times of need. However, our long-term ICR on SBI is one notch below the stand-alone credit profile (SACP) of 'bbb' but level with the sovereign rating on India (BBB-/Stable/A-3). We do not rate the bank's ICR above the sovereign's foreign currency rating since a major portion of the operations for the bank are in India and we do not expect the bank to be able to withstand the
