Moody's bank ratings for India from JDA and BFSR

2. The Foreign Currency Deposit Rating is unchanged at Ba2.    Bank of India - The BFSR is changed to D+ from D. The Global Local Currency Deposit Ratings assigned are A3/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior, subordinated and junior subordinated (Upper Tier 2) obligations also is unchanged at Baa2. The Foreign Currency Bond Rating for perpetual non-cumulative subordinated obligations (Hybrid Tier 1) is unchanged at Baa3.    Canara Bank - The BFSR is changed to D+ from D. The Global Local Currency Deposit Ratings assigned are A2/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior, subordinated and junior subordinated (Upper Tier 2) obligations also is unchanged at Baa2. The Foreign Currency Bond Rating for perpetual non-cumulative subordinated obligations (Hybrid Tier 1) is changed to Baa2 from Baa3.    Central Bank of India - The BFSR is changed to D- from E+. The Global Local Currency Deposit Ratings assigned are Baa2/P-2. The Foreign Currency Deposit Rating is unchanged at Ba2.    HDFC Bank Ltd - The BFSR is unchanged at C-. The Global Local Currency Deposit Ratings assigned are Baa1/P-2. The Foreign Currency Deposit Rating is unchanged at Ba2.  ICICI Bank Ltd - The BFSR is unchanged at C-. The Global Local Currency Deposit Ratings assigned A2/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior, subordinated, junior subordinated (Upper Tier 2) and perpetual non-cumulative subordinated (Hybrid Tier 1) obligations also is unchanged at Baa2.    Industrial Development Bank of India Ltd - The BFSR is unchanged at D-. The Global Local Currency Deposit Ratings assigned are Baa2/P-2. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior obligations also is unchanged at Baa2.    Oriental Bank of Commerce - The BFSR is changed to D+ from D. The Global Local Currency Deposit Ratings assigned are A3/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2.    Punjab National Bank - The BFSR is changed to D+ from D. The Global Local Currency Deposit Ratings assigned are A2/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2.    State Bank of India - The BFSR is changed to C- from D+. The Global Local Currency Deposit Rating is changed to A1 from A2. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior, subordinated, junior subordinated (Upper Tier 2) and perpetual non-cumulative subordinated (Hybrid Tier 1) obligations also is unchanged at Baa2.    Union Bank of India - The BFSR is changed to D+ from D-. The Global Local Currency Deposit Ratings assigned are A3/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2.    UTI Bank Ltd - The BFSR is changed to C- from D+. The Global Local Currency Deposit Ratings assigned are A3/P-1. The Foreign Currency Deposit Rating is unchanged at Ba2. The Foreign Currency Bond Rating for senior and subordinated obligations also is unchanged at Baa2. The Foreign Currency Bond Rating for junior subordinated obligations (Upper Tier 2) is changed to Baa2 from Baa3 and for perpetual noncumulative subordinated obligations (Hybrid Tier 1) is changed to Baa2 from Ba1.    All ratings have a stable outlook in line with the outlook of the country deposit and debt ceilings.    ABOUT MOODY'S BANK RATINGS:    Bank Financial Strength Rating    Moody's Bank Financial Strength Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic safety and soundness and, as such, exclude certain external credit risks and credit support elements that are addressed by Moody's Bank Deposit Ratings. Bank Financial Strength Ratings do not take into account the probability that the bank will receive such external support, nor do they address risks arising from sovereign actions that may interfere with a bank's ability to honor its domestic or foreign currency obligations. Factors considered in the assignment of Bank Financial Strength Ratings include bank-specific elements such as financial fundamentals, franchise value, and business and asset diversification. Although Bank Financial Strength Ratings exclude the external factors specified above, they do take into account other risk factors in the bank's operating environment, including the strength and prospective performance of the economy, as well as the structure and relative fragility of the financial system, and the quality of banking regulation and supervision.    Global Local Currency Deposit Rating    A deposit rating, as an opinion of relative credit risk, incorporates the Bank Financial Strength Rating as well as Moody's opinion of any external support. Specifically, Moody's Bank Deposit Ratings are opinions of a bank's ability to repay punctually its deposit obligations. As such, Moody's Global Local Currency Bank Deposit Ratings are intended to incorporate those aspects of credit risk relevant to the prospective payment performance of rated banks with respect to local currency deposit obligations, and includes: intrinsic financial strength and both implicit and explicit external support elements. Moody's Bank Deposit Ratings do not take  into account the benefit of deposit insurance schemes which make payments to depositors, but they do recognize the potential support from schemes that may provide assistance to banks directly.    Foreign Currency Deposit Rating    Moody's ratings on foreign currency bank obligations derive from the bank's local currency rating for the same class of obligation. The implementation of JDA for banks can lead to a high local currency ratings for certain banks, which could also produce high foreign currency ratings. Nevertheless, it should be reminded that foreign currency deposit ratings are in all cases constrained by the country ceiling for foreign currency bank deposits. This may result in the assignment of a different, and typically lower, rating for the foreign currency deposits relative to the bank's rating for local currency obligations.    Foreign Currency Debt Rating    Foreign currency debt ratings are derived from the bank's local currency debt rating for the same class of obligation. In a similar way to foreign currency deposit ratings, foreign currency debt obligations may also be constrained by the country ceiling for foreign currency bonds and notes, however, in some cases the ratings on foreign currency debt obligations may be allowed to pierce the foreign currency ceiling. A particular mix of rating factors are taken into consideration in order to assess whether a foreign currency bond rating pierces the country ceiling. They include the issuer's global local currency rating, the foreign currency government bond rating, the country ceiling for bonds and the debt's eligibility to pierce that ceiling.    National Scale Rating    National scale ratings are intended primarily for use by domestic investors and are not comparable to Moody's globally applicable ratings; rather they address relative credit risk within a given country. An Aaa rating on Moody's National Scale indicates an issuer or issue with the strongest creditworthiness and the lowest likelihood of credit loss relative to other domestic issuers. National Scale Ratings, therefore, rank domestic issuers relative to each other and not relative to absolute default risks. National ratings isolate systemic risks; they do not address loss expectation associated with systemic events that could affect all issuers, even those that receive the highest ratings on the National Scale.