S&P Global Ratings affirmed 'slong-term issuer credit rating at BBB-.

The outlook is stable.

The affirmation reflects the almost certain likelihood of theIndian government's support for the company should it face stress, given itscritical public policy role and 100% ownership by the government.

The rating is also equal with that of India's sovereignrating and the stable outlook reflects the stable outlook on India's rating.

The rating agency said the company's ratings could facedownward pressure if its role or its link with the government diminishes insome way. S&P could also downgrade the ratings if it downgrades India'ssovereign rating.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.