Fitch Ratings on Tuesday affirmed the long-term Issuer Default Rating (IDR) of both State Bank of India (SBI) and Canara Bank at ‘BBB-‘ and said the outlook looks stable.Fitch has also affirmed SBI’s Viability Rating (VR) at ‘BB’ and Government Support Rating (GSR) of ‘BBB’-. The PSU bank stock was trading 1% lower at Rs 749.”SBI’s IDR and GSR are at the same level as India’s sovereign rating (BBB-/Stable), reflecting Fitch’s view that SBI has the highest probability of extraordinary state support among Indian banks if required. This takes into consideration SBI’s market position as the largest Indian bank, the state’s 56.9% controlling ownership, and its broader policy role than peers,”…
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