Bank of Baroda's $700M Notes Rated BBB/BBB+

Bank of Baroda has disclosed credit ratings for its USD-denominated senior unsecured notes issued under its Medium Term Note (MTN) programme, pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.

Rating Agency Assignments

Fitch Ratings (August 17, 2026):

Assigned final ratings of 'BBB-' to USD 400 million 5.114% senior unsecured notes due August 2029 (ISIN: XS3424472101)
Assigned final ratings of 'BBB-' to USD 300 million 5.318% senior unsecured notes due August 2031 (ISIN: XS3424472010)
The ratings match the expected ratings assigned on June 21, 2026
Notes were issued by Bank of Baroda's Gujarat International Finance Tec-City Branch
Securities constitute direct, unconditional, unsubordinated and unsecured obligations ranking pari passu with other unsecured obligations

S&P Global Ratings (August 17, 2026):

Assigned 'BBB' rating to USD 400,000,000 5.114% Senior Notes due 2029
Assigned 'BBB' rating to USD 300,000,000 5.318% Senior Notes due 2031
Both issuances under the USD 4,000,000,000 Medium Term Note Programme

CareEdge Global Ratings (June 29, 2026 - maintained):

Maintained 'CareEdge BBB+/Stable' rating on USD 1 billion senior unsecured notes
Maintained 'CareEdge BBB+/Stable' rating on USD 4 billion global medium-term notes programme
Maintained 'CareEdge BBB+/Stable' long-term foreign currency issuer rating

Rationale for Ratings

Fitch's Key Rating Drivers:

Senior unsecured instruments rated at same level as Bank's Long-Term Issuer Default Rating (IDR)
IDR driven by Government Support Rating (GSR) of 'bbb-', reflecting high probability of extraordinary state support
Support assessment based on: 64% government ownership, position as India's second-largest state bank, strong sovereign propensity to support banking system
Stable Outlook on IDR mirrors sovereign IDR (BBB-/Stable)

CareEdge Global's Rationale:

Benefits from majority ownership by Government of India (~64% stake as of March 31, 2026)
Systemic importance as second-largest public sector bank with 5.5% share in domestic advances
Demonstrated history of capital infusion by GoI into PSBs (Rs 124 billion FY18-FY20 into BoB)
Robust domestic market position with 8,600+ domestic branches and 80 overseas offices
Comfortable capitalisation: CAR 15.8% and CET-1 ratio 13.2% as of March 31, 2026
Strong funding profile: Rs 16,485 billion deposit base with 37.2% CASA ratio
Asset quality improved: GNPA 1.9% and NNPA 0.4% as of March 31, 2026
Profitability: RoA sustained at ~1.0% in FY26

Financial Metrics (Standalone, as of March 31, 2026)

Total assets: Rs 20,092 billion
Profit after tax: Rs 200 billion
Capital Adequacy Ratio (CAR): 15.8%
Gross NPA: 1.9%
Net NPA: 0.4%
Return on Assets (RoA): 1.1%

Instrument Details

| XS3424472010 | USD 300 million | 5.318% | August 20, 2031 | Fitch | BBB- |

| XS3424472010 | USD 300 million | 5.318% | August 20, 2031 | S&P Global | BBB |

| XS3424472101 | USD 400 million | 5.114% | August 20, 2029 | Fitch | BBB- |

| XS3424472101 | USD 400 million | 5.114% | August 20, 2029 | S&P Global | BBB |