Fitch Ratings has assigned Bank of India a long-term issuer default rating (IDR) of 'BBB-' and short-term IDR of 'F3'.

The agency has also assigned the bank a viability rating of 'bb-', support rating of '2' and support rating Floor of 'BBB-'. The outlook on the IDR is stable.

Bank of India's long-term IDR is at its support rating floor of 'BBB-'. The long-term IDR is driven by its support rating of '2', which reflects Fitch's expectation that Bank of India is highly likely to receive extraordinary support from the Indian government due to its high systemic importance and the government's majority ownership. The bank's systemic importance stems from its large size, pan-India reach and sizeable share in system assets and deposits.

The stable outlook on the IDR mirrors the outlook on India's rating (BBB-/Stable). It reflects our view that there is no material change in the sovereign's ability to support banks in a situation of extraordinary stress.

Shares of the bank gained Rs 2.2, or 1.99%, to trade at  Rs 112.90.  The total volume of shares traded  was  916,609 at the BSE (12.59 p.m., Tuesday).