Fitch Ratings assigns ‘BBB-‌’ rating to Bank of India’s $1 billion MTN programme

Resources from notes issued under the programme will be utilized to fulfill BoI’s funding needs at its Indian head office, overseas offices, branches, and for general corporate objectives, as mandated by Indian law, according to the CRA.
| Photo Credit:
BIJOY GHOSH

Fitch Ratings has assigned Bank of India’s $1 billion medium-term note (MTN) programme a ‘BBB-‘ credit rating.

Issuance proceeds will be directed toward BoI’s head office funding in India, foreign branches, and general corporate purposes, subject to Indian legal requirements, per the CRA.

The CRA stated that BoI’s Long-Term IDR and Government Support Rating match India’s sovereign rating (BBB-/Stable), suggesting a high probability of extraordinary state support if needed.

The rating factors in the state’s 73% ownership, BoI’s systemic scale, and Fitch’s assessment of the government’s strong inclination to support the banking sector. The Stable Outlook on the IDR aligns with the sovereign IDR outlook.

Published on September 29, 2026