Global rating agency, Fitch Ratings has assigned IDBI Bank’s proposed US dollar-denominated senior unsecured debt an expected rating of ‘BBB-(EXP)’. The senior unsecured instruments are rated at the same level as the bank's Issuer Default Rating (IDR) because they will constitute direct, unconditional, unsubordinated and unsecured obligations of IDBI Bank.
The notes will be issued out of the bank’s Dubai branch and the bank plans to use all the proceeds for offshore lending activities.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 1,217 branches and 2,101 ATMs.
