International rating agency Fitch Ratings affirmed long-term issuer default ratings (IDRs) of six banks including State Bank of India, Bank of Baroda and Punjab National Bank at 'BBB-', with stable outlook.
The agency also affirmed BBB- rating of Bank of Baroda (New Zealand), Canara Bank and Bank of India (BOI).
The rating of IDBI Bank's long-term IDR was affirmed at 'BB+'.
"The long-term IDRs of SBI, BOB, PNB, Canara and BOI are driven by expectation that the banks are likely to receive extraordinary government support, if required, due to their high systemic importance and majority government ownership," the rating agency said in a note.
It also affirmed the Viability Ratings (VR) of five banks,
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