Bank of Baroda ratings have been assigned by Fitch Ratings, S&P Global Ratings and CareEdge Global to two US dollar-denominated senior notes issued under the bank’s medium-term note programme, the lender said in a BSE filing dated August 17, 2026. The notes comprise a US$400 million issue due in 2029 and a US$300 million issue due in 2031.

The public-sector bank informed BSE and the National Stock Exchange about the ratings under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Bank of Baroda is identified by BSE code 532134 and NSE symbol BANKBARODA.

Agency-wise ratings

Rating agency ISIN Rating
Fitch Ratings XS3424472010 BBB-
Fitch Ratings XS3424472101 BBB-
S&P Global Ratings XS3424472010 BBB
S&P Global Ratings XS3424472101 BBB
CareEdge Global XS3424472010 BBB+/Stable
CareEdge Global XS3424472101 BBB+/Stable

Fitch details final ratings and issue terms

Fitch assigned final ‘BBB-’ ratings to the US$400 million 5.114% senior unsecured notes due August 2029 and the US$300 million 5.318% senior unsecured notes due August 2031. It said the final ratings followed completion of the securities issue and receipt of final documents that conformed with information previously provided.

The final Fitch ratings are unchanged from the expected rating assigned on June 21, 2026. According to the agency, the securities are Bank of Baroda’s direct, unconditional, unsubordinated and unsecured obligations. They rank equally among themselves and with the bank’s other unsubordinated and unsecured obligations.

Fitch said the notes were issued through Bank of Baroda’s Gujarat International Finance Tec-City branch. It rated the senior unsecured instruments at the same level as the bank’s Long-Term Issuer Default Rating, in accordance with its criteria.

Fitch said Bank of Baroda’s Issuer Default Rating is driven by its ‘bbb-’ Government Support Rating, reflecting the agency’s view of a high probability of extraordinary state support if required. Its assessment considered the state’s 64% ownership and the bank’s position as India’s second-largest state bank. The Stable Outlook on the bank’s Issuer Default Rating mirrors the sovereign rating outlook, according to Fitch.

S&P Global Ratings assigned a BBB rating to both notes. Its letter identified the securities as issuances under Bank of Baroda’s US$4 billion Medium Term Note Programme.

Fitch added that any positive or negative action on Bank of Baroda’s Issuer Default Rating or Long-Term Issuer Default Rating on its government-support-excluded scale would result in a similar change to the corresponding senior unsecured note ratings. Credit ratings are opinions and do not constitute recommendations to buy, sell or hold securities.

Source: BSE corporate announcement.