S&P Global Ratings has assigned a ‘BBB’ long-term issue rating to Bank of Maharashtra’s US$500 million Euro Medium-Term Note (MTN) program. This rating is aligned with the bank’s issuer credit rating of BBB/Stable/A-2, reflecting that notes issued under the program will rank equally with other senior unsecured obligations. The program is established for issuing senior unsecured notes.
S&P Assigns ‘BBB’ Rating to Bank’s MTN Program
On September 7, 2026, S&P Global Ratings announced its assignment of a ‘BBB’ long-term issue rating to Bank of Maharashtra’s US$500 million Euro Medium-Term Note (MTN) program. This program is designed for the issuance of senior unsecured notes.
Rating Rationale
The rating for the MTN program has been equalized with the issuer credit rating of Bank of Maharashtra, which stands at BBB/Stable/A-2. S&P Global Ratings stated that notes issued under this program will hold the same standing as all other senior unsecured obligations of the bank. These notes will be considered direct, unconditional, unsubordinated, and unsecured obligations of Bank of Maharashtra.
The bank may also opt to issue index-linked notes through this program. However, S&P’s rating criteria do not extend to rating notes where principal payments are contingent on fluctuations in equity, commodity prices, or indices.
Related Criteria
S&P Global Ratings referenced several criteria in its assessment, including:
- Criteria | Financial Institutions | General: Risk-Adjusted Capital Framework Methodology (May 5, 2026)
- General Criteria: Hybrid Capital: Methodology And Assumptions (Oct. 13, 2025)
- Criteria | Financial Institutions | General: Financial Institutions Rating Methodology (Dec. 9, 2021)
- Criteria | Financial Institutions | Banks: Banking Industry Country Risk Assessment Methodology And Assumptions (Dec. 9, 2021)
- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings (Oct. 10, 2021)
- General Criteria: Group Rating Methodology (July 1, 2019)
- General Criteria: Methodology For Linking Long-Term And Short-Term Ratings (April 7, 2017)
- General Criteria: Rating Government-Related Entities: Methodology And Assumptions (March 25, 2015)
- General Criteria: Principles Of Credit Ratings (Feb. 16, 2011)
Related Research
The report also noted related research on Bank of Maharashtra and broader economic factors:
- Bank of Maharashtra, published on Aug. 13, 2026
- India’s Strong Fundamentals Would Cushion The Blow Of An Oil Shock, published on April 13, 2026
Source: BSE
