Bank of Baroda – Rating Announcement (NSE: BANKBARODA / BSE: 532134)

Date of announcement: 17 August 2026

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Introduction

Bank of Baroda (BOB) has communicated the final credit ratings assigned by three rating agencies to its recent U.S. dollar medium‑term note (MTN) issuances. The notice was addressed to the Vice‑President of BSE Ltd. (code 532134) and the Vice‑President of the National Stock Exchange of India Ltd. (code BANKBARODA) and is filed under Regulation 30 of the SEBI (LODR) Regulations, 2015.

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Rating Summary

Issue	Amount	Coupon	Maturity	Fitch Rating	S&P Rating	CareEdge Rating
USD 300 million senior unsecured notes	5.318 %	20 Aug 2031	BBB‑ (Stable)	BBB‑ (Stable)	BBB+ (Stable)
USD 400 million senior unsecured notes	5.114 %	20 Aug 2029	BBB‑ (Stable)	BBB‑ (Stable)	BBB+ (Stable)

All three issues are senior unsecured, unsubordinated, and pari‑passu with BOB’s other unsecured obligations.

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1. Fitch Ratings

• Final rating: BBB‑ (Stable) for both the USD 300 m (5.318 %) and USD 400 m (5.114 %) notes.
• Rating rationale: The notes are rated in line with BOB’s Long‑Term Issuer Default Rating (IDR). The IDR is underpinned by a Government Support Rating (GSR) of BBB‑, reflecting a high probability of extraordinary state support given the Government of India’s 64 % ownership and BOB’s position as India’s second‑largest state bank.
• Outlook: Stable, mirroring the sovereign outlook (BBB‑/Stable).
• Publication: Ratings are posted on Fitch’s website (https://www.fitchratings.com/entity/bank-of-baroda-80360486).

2. S&P Global Ratings

• Assigned rating: BBB (no outlook explicitly stated in the letter) for both the USD 300 m and USD 400 m notes.
• Scope: The ratings cover the notes issued under BOB’s US $4 billion MTN programme.
• Permission: S&P authorises dissemination of the ratings once they are published on www.spglobal.com/ratings.

3. CareEdge Global Ratings

• Assigned rating: BBB+ (Stable) for both issues.
• Stability: The “Stable” watch indicates no immediate expectation of rating change.

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Regulatory & Compliance Note

• The rating information is being disclosed in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.
• The company has requested that the ratings be posted on the respective exchange websites.

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Key Takeaways for Investors

• Consistent credit quality: All three agencies place the two MTN issues at the lower‑medium investment grade (BBB‑ to BBB+), with stable outlooks, indicating a steady credit profile.
• Government backing: Fitch explicitly cites strong state support as a primary driver of the rating, which may provide additional comfort to investors.
• No immediate rating action expected: The stable outlooks suggest that, barring material adverse developments, the ratings are unlikely to be downgraded in the near term.

Investors holding or considering the Bank of Baroda USD notes can rely on the above final ratings as the authoritative assessment of credit risk as of 17 August 2026.