S&P Global reaffirms Bank of Maharashtra credit rating

S&P Global Ratings has reaffirmed Bank of Maharashtra's credit ratings, assigning a 'BBB' Long Term and 'A-2' Short Term issuer Credit rating as of November 27, 2025. This decision reflects the bank's continued strong capitalization and sustained solid funding and liquidity.

The stable rating outlook is underpinned by expectations that the bank will maintain its capital position and the high likelihood of government support. The bank's risk-adjusted capital (RAC) ratio is projected to strengthen to 10.5%-11.0% over the next two years, from 10% as of March 31, 2025, despite projected loan growth of 14%-16% annually.

Bank of Maharashtra's robust funding profile is supported by a stable deposit base, with current and savings account deposits at about 50.4% of total customer deposits as of September 2025. This, along with a strong stable funding ratio averaging about 135% over the past five years, positions the bank favorably among its domestic peers.