The rating agency also assigned the bank an A-2 short-term issuer credit rating. The announcement therefore includes separate assessments for the long and short term, rather than only a single rating for the bank.

S&P said the long-term rating sits one notch higher than its assessment of Bank of India’s stand-alone credit profile, or SACP. This is a distinction in the announcement: the assigned long-term issuer rating and the stand-alone assessment are not at the same level.

The supplied report highlights capitalisation and funding as supporting factors, but provides no capital ratios, funding figures or detailed financial analysis. It also does not explain why the long-term rating is positioned above the stand-alone assessment. There is therefore not enough information here to describe the reasoning behind that difference.

No previous rating, rating outlook or date for the action is stated in the report. On the information available, this should be read as an announcement of the assigned ratings, not described as an upgrade or downgrade. The report does not set out any operational changes at the bank.