SINGAPORE (Standard&Poor's) Dec. 5, 2006--Standard&Poor's Ratings Services said today it assigned its 'BB+' issue rating to the proposed issue of US$300 million senior unsecured, five-year, floating-rate U.S. dollar notes to be issued by India's State Bank of India (BB+/Positive/B), acting through its London branch. These notes are being issued under the bank's multi-currency US$2 billion medium-term note (MTN) issuance program. The senior notes will constitute direct, unconditional, unsubordinated, and unsecured obligations of the bank and will rank pari passu with all of the bank's unsecured and unsubordinated obligations, and ahead of all subordinated debt issues. The issue proceeds will be used to meet the funding requirements of the bank's international operations and for general corporate purposes,
