Standard & Poor's Ratings Services today assigned its 'BBB-' issue rating to a proposed issue of senior unsecured notes by IDBI Bank Ltd. (IDBI: foreign currency BBB-/Negative/A-3). The rating on the notes reflects the long-term counterparty credit rating on the bank.
The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of IDBI. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank. The rating on the notes is subject to our review of the final issuance documentation.
RELATED CRITERIA AND RESEARCH
-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011