Credit rating agency, Fitch Ratings has assigned ‘BBB-’ rating to Bank of Baroda’s (BoB) $250-million senior unsecured notes due July 2019.'The rating indicates that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.
Moreover, the rating follows the completion of the securities issue, as well as the receipt of final documents conforming to information previously received. Further, the notes, issued by the bank’s London branch, have been priced at 203 basis points above comparable US Treasuries and carry a maturity of 5.5 years.
