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Fitch assigns ratings to Bank of India

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Fitch assigns ratings to Bank of India

Fitch Ratings said July 19 that it assigned a long-term issuerdefault rating of BBB- and a short-term issuer default rating of F3.

The rating agency also assigned the bank a viability ratingof "bb-," a support rating of 2 and a support rating floor of BBB-.The outlook on the bank's long-term issuer default rating is stable.

Bank of India's ratings take into account expectations thatit would likely receive government support given its high systemic importanceand the government's majority ownership of the bank. The lender's viabilityrating reflects the risks to its weak core capitalization from its large stockof nonperforming loans and stressed assets.

The rating agency could downgrade the bank's ratings iffactors underpinning its support rating floor weaken or if India's sovereignrating is downgraded. A change in the outlook on the sovereign would also leadto a revision on the bank's outlook.