Standard & Poor's outlook upgrade reflects our inherent strengths: SBI

Written by PTI | Mumbai | Updated: Sep 28 2014, 01:29am hrs
State Bank of India (SBI) today said international rating firm Standard & Poor's decision to upgrade its outlook to 'stable' from 'negative' reflects the top government lender's inherent strengths.

"The upgrade in outlook is a reflection of the inherent strengths of SBI. In particular, SBI is strategically poised to take advantage of an economy recovering from a sharp downturn.

"With a robust CASA (current & savings account) ratio and a pan-India presence, the bank is in relentless pursuit of excellence through a judicious augmentation of technology, risk management and transformation of HR practices," SBI Chairperson Arundhati Bhattacharya said in a statement here.

The US-based firm has also raised the rating outlooks on 10 other Indian banks and financial institutions to stable from negative.

These included, Bank of India, HDFC Bank, ICICI Bank, IDBI Bank, Indian Bank, IDFC, Kotak Mahindra Bank, Kotak Mahindra Prime and Union Bank of India.

The upgrade followed S&P's revision yesterday in India's credit rating outlook to stable on the back of strong political mandate helping fiscal and economic reforms.