CRISIL has assigned its 'AAA/Stable' rating to the Rs.5 billion Tier II Bonds (under Basel III) of State Bank of Mysore (SBM) and has reaffirmed its rating on the existing debt instruments at 'AAA/Stable'.

CRISIL believes that SBM will continue to benefit from the strong financial, managerial, and operational support that it receives from SBI. The outlook may be revised to 'Negative' in case of a similar revision in the rating outlook of SBI, or if there is a material change in the extent of SBI's ownership of SBM or on the support that SBM receives from SBI.

Shares of the company gained Rs 4, or 0.73%, to trade at  Rs 555.  The total volume of shares traded  was  3,063 at the BSE (1.33 p.m., Friday).