Moody's Affirms Bank of Baroda's Baa3 Rating, Upgrades Baseline Credit Assessment to ba1

* Moody's Ratings has affirmed Bank of Baroda's (BOB) Baa3 ratings following an update to its Banks methodology on 17 November 2025. * The Baseline Credit Assessment (BCA) of Bank of Baroda has been upgraded by one notch to ba1. * This upgrade reflects the updated ratio definition and scoring calibration for the Capital subfactor, alongside improvements in the bank's asset quality and capitalization. * The affirmation of BOB's Baa3 ratings continues to reflect Moody's expectation of a very high probability of support from the Government of India (Baa3 stable) in times of need. * Potential for a BCA upgrade exists if the bank's TCE/RWA ratio improves to above 14% and its net income/tangible assets ratio increases to above 1.3% on a sustained basis, with other credit fundamentals remaining unchanged. * A downgrade of BOB's ratings could occur if India's sovereign rating is downgraded or if there is a multi-notch downgrade of the bank's BCA. The BCA could be downgraded if loan growth materially exceeds system growth, posing asset quality risks, or if the TCE/RWA ratio declines below 10.5%, or net income/tangible assets ratio declines below 0.5% on a sustained basis. * BOB's "Assigned BCA" of ba1 is set two notches below the "Financial Profile" initial score of baa2, due to factors such as high single-name borrower concentration risk, unseasoned risks from rapid retail lending expansion, and a modest track record of managing asset quality and profitability across credit cycles.