MUMBAI, Sept 24 State Bank of India,
the country's largest lender, does not have immediate plans to
raise offshore bonds as there is no need for funds at the
moment, said Hemant Contractor, managing director of SBI's
international banking group.
Earlier, ratings agency Moody's downgraded SBI's unsecured
debt rating on par with the sovereign foreign currency bond
rating and changed its outlook on the bank's financial strength
rating to 'negative' from 'stable.' [ID: nL4N0HK0TV]
The federal government has enough room to reduce its stake
in the bank but the market conditions need to improve for that
to happen, SBI managing director S. Vishvanathan told reporters.
(Reporting by Swati Pandey; Editing by Anupama Dwivedi)