Bank of Maharashtra MTN programme rating has been assigned at BBB- by Fitch Ratings for the bank’s USD 500 million Euro Medium Term Note programme, according to a BSE filing dated September 7, 2026. The bank said Fitch assigned the rating to the programme established on September 4, 2026.

The programme is proposed to be listed on India International Exchange and/or NSE IX Exchange. Bank of Maharashtra said net proceeds from notes issued under the programme will be used to meet funding requirements of its head office, foreign offices or branches, and for general corporate purposes, subject to applicable Indian law.

Rating linked to issuer profile

Fitch said the MTN programme rating is at the same level as Bank of Maharashtra’s Long-Term Issuer Default Rating of BBB- with a Stable Outlook. The rating applies only to senior unsecured notes issued under the programme.

According to Fitch, such notes would be the bank’s direct, unconditional, unsubordinated and unsecured obligations, ranking pari passu with its other unsubordinated and unsecured obligations. Fitch also noted that there is no assurance that every note issued under the programme will receive a rating or be rated at the same level.

  • Programme size: USD 500 million
  • MTN programme rating: BBB-
  • Long-term senior unsecured rating excluding government support: BB(xgs)

Fitch’s rating sensitivities

Fitch said a downgrade or upgrade of Bank of Maharashtra’s Issuer Default Rating would lead to a corresponding change in the MTN programme rating. The agency linked the bank’s Long-Term IDR and Government Support Rating to India’s sovereign IDR, citing its assessment of a high probability of extraordinary state support.

Fitch’s assessment referred to the government’s 73.6% ownership of Bank of Maharashtra, the lender’s share of deposits and loans in its home state, and the agency’s view of government support for the banking system.

Source: BSE corporate announcement.