Moody’s downgrades SBI’s baseline credit assessment to ba2; sees asset quality, profit deteriorating

The ratings agency also downgraded SBI’s foreign currency preferred stock non-cumulative MTN program rating to (P)B2 from (P)B1, and the rating of the preferred stock non-cumulative (Basel III compliant Additional Tier 1 securities) bond issued out of its DIFC branch to B2(hyb) from B1(hyb).