India Ratings has affirmed the State Bank of India's long-term issuer rating at 'AAA' with a 'stable' outlook on the back of its strong funding profile supported by large branch network.
The agency has also affirmed Punjab National Bank's long-term issuer rating at 'AAA' with a stable outlook and its short-term issuer rating at A1+.
“The rating is driven by SBI's competitive edge as the largest bank with a fundamentally strong funding profile supported by its large pan-India branch network, higher income diversity than most other public sector banks, comfortable capitalisation and reasonable profitability,” the rating agency said on Thursday.