Standard & Poor’s lowers credit rating of SBI, Union Bank

Standard & Poor’s lowers credit rating of State Bank of India (SBI), Union Bank.

Standard & Poor’s on Wednesday revised downward the standalone credit profile (SACP) of State Bank of India (SBI) and Union Bank of India in anticipation of weak asset quality of these two public sector banks.

The SACP of India’s largest bank, SBI, has been lowered to ‘BBB-‘ from ‘BBB’ and that of Union Bank of India from ‘BB+’ to ‘BBB-‘.

The agency cautioned that the ratings on these banks would be lowered if the sovereign rating is downgraded. The outlook on the long-term ratings of these banks is negative.

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