Fitch affirms Bank of Baroda

Fitch Ratings said it affirmed Bank of Baroda's long-term foreign-currency issuer default rating at BBB-, short-term issuer default rating at F3, national long-term rating at Fitch AAA(ind), national short-term rating at Fitch A1+(ind), viability rating at bbb-, individual rating at C/D, support rating at 2, support rating floor at BBB-, senior notes at BBB-, upper tier 2 notes at BB-, lower tier 2 debt program at Fitch AAA(ind) and short-term debt at Fitch A1+(ind).

The outlook is stable.

The agency said the ratings factor in the bank's strong franchise and Fitch's expectation of continued strong support from the bank's principal shareholder, the Government of India, due to Bank of Baroda's systemic importance as India's fourth-largest bank by assets and third-largest by deposits.

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