State Bank Of India

Credit rating agency, Moody’s Investors Service has assigned a Baa3 rating to the proposed dollar benchmark senior unsecured notes to be issued by State Bank of India (SBI). The proposed notes are issued through the bank’s London branch and will be listed on the Singapore Stock Exchange. The issuance contains 2 tranches of which one tranche is expected to mature in 2019 and the other in 2024. The rating outlook is stable.

SBI’s Baa3 senior unsecured rating is derived from its standalone credit profile of D+/ba1. SBI’s standalone credit profile reflects its deteriorating asset quality over the last few years, including a rise in gross non-performing loans and restructured loans.