From BB- to BBB-: Bank of Maharashtra’s global leap

State-owned Bank of Maharashtra (BoM) on Thursday announced that global rating agency S&P(Standard and Poor) Global Ratings has assigned it a ‘BBB-’ rating with a Stable outlook, reflecting the bank’s strong financial fundamentals and governance practices.

The rating upgrade marks a significant milestone, placing BoM three notches above its previous ‘BB-’ rating by Fitch Ratings. S&P also assigned the bank a Standalone Credit Profile (SACP) of ‘BBB-’, citing its robust capitalization, solid funding base, and healthy liquidity. The stable outlook indicates that the bank is expected to maintain its financial strength over the next two years, even if performance moderates.

S&P Global Ratings’ grading system ranks credit quality from AAA (highest) to D (default). Ratings from BBB- and above are considered investment grade, indicating lower credit risk and greater access to investors and funding. Ratings from BB+ and below are non-investment grade, signalling higher risk and limited access to certain institutional investors.

BoM’s Managing Director and CEO, Nidhu Saxena, said the recognition highlights the bank’s improving performance and the trust of its stakeholders. He added that the bank remains committed to high standards and sustainable growth.

The investment-grade rating is expected to help BoM reduce borrowing costs, raise capital from overseas markets at better rates, attract a broader investor base, and pursue strategic partnerships. With this rating, BoM joins a select group of Indian public sector banks recognised by S&P Global Ratings, enhancing its credibility among global investors, strategic partners, and regulatory institutions.

Headquartered in Pune, BoM continues to focus on strengthening its capital base, liquidity, and risk management frameworks, while leveraging the rating to support digital transformation, business expansion, and long-term growth initiatives.