Rating agencies have accorded investment grade to the proposed $500 million bond raising programme of the country’s largest lender State Bank of India (SBI). Moody’s has assigned a Baa3 rating to SBI’s proposed dollar denominated senior unsecured notes, issued under its $10 billion Medium-Term Note (MTN) programme. The drawdown will be carried out from its London branch, and the bonds will be listed on the Singapore Stock Exchange.
Fitch Ratings has also assigned ‘BBB-(EXP)’ to the debt raising programme that constitutes direct, unconditional, unsubordinated and unsecured obligations of the issuer. Further, S&P Global Ratings assigned ‘BBB-’ long-term issue rating to the proposed issue of SBI’s senior unsecured notes. The rating on the notes reflects the long-term counter-party credit rating on SBI.
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