S&P assigns 'BBB-' rating to Bank of Maharashtra with stable outlook

S&P Global Ratings has assigned Bank of Maharashtra a 'BBB-' rating with a 'Stable' outlook, highlighting the bank's strong financial fundamentals and sound governance practices. This investment-grade rating will help the bank reduce its cost of funds and raise capital from the overseas market at a better rate. The rating upgrade places the bank three notches above its current rating from Fitch Ratings.

In a significant move that underscores its robust financial health and governance, S&P Global Ratings has assigned Bank of Maharashtra a 'BBB-' rating with a 'Stable' outlook. This investment-grade rating, three notches above its current rating from Fitch Ratings, signifies the bank's strong capitalization, solid funding base, and healthy liquidity S&P assigns 'BBB-' rating to Bank of Maharashtra on strong financial parameters^[1].

The upgrade is expected to lower the bank's funding costs and improve its access to overseas capital markets. Nidhu Saxena, MD & CEO of Bank of Maharashtra, highlighted the importance of this recognition, stating, "This international recognition is a testament to our improving performance and the trust our stakeholders place in us. We remain committed to upholding the highest standards and driving sustainable growth" S&P assigns 'BBB-' rating to Bank of Maharashtra on strong financial parameters^[1].

The 'BBB-' rating places Bank of Maharashtra in a select group of Indian public sector banks recognized by S&P Global Ratings, enhancing its credibility among global investors, strategic partners, and regulatory institutions. The stable outlook indicates that the bank is expected to maintain its financial strength over the next two years, even if performance moderates.

This upgrade comes at a time when S&P Global Ratings has also revised upward India's sovereign rating to 'BBB/Stable'. The bank's strong financial fundamentals and sound governance practices have been acknowledged by the rating agency, reflecting its progress and resilience S&P assigns 'BBB-' rating to Bank of Maharashtra on strong financial parameters^[1].