Bulletin: Rating On SBI's Senior Unsecured Notes Unaffected By Issue Upsizing

SINGAPORE (S&P Global Ratings) April 3, 2017--S&P Global Ratings today said that its 'BBB-' long-term issue rating on the U.S. dollar-denominated senior unsecured notes issued by State Bank of India (SBI: BBB-/Stable/A-3) under the bank's US$10 billion medium-term note program is not affected by the bank's proposal to upsize the issue. The notes will be consolidated with the bank's existing US$500 million notes due 2020, which the bank is issuing on April 6, 2017, such that they form a single series (see "State Bank of India's Proposed Senior Unsecured Notes Assigned 'BBB-' Rating," published March 30, 2017, on RatingsDirect). The rating on the notes reflects the long-term counterparty credit rating on the bank. The notes will constitute direct, unconditional, unsecured,

...SINGAPORE (S&P Global Ratings) April 3, 2017--S&P Global Ratings today said that its '###-' long-term issue rating on the U.S. dollar-denominated senior unsecured notes issued by State Bank of India (SBI: ###-/Stable/A-3) under the bank's US$10 billion medium-term note program is not affected by the bank's proposal to upsize the issue. The notes will be consolidated with the bank's existing US$500 million notes due 2020, which the bank is issuing on April 6, 2017, such that they form a single series (see "State Bank of India's Proposed Senior Unsecured Notes Assigned '###-' Rating," published March 30, 2017, on RatingsDirect). The rating on the notes reflects the long-term counterparty credit rating on the bank. The notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of SBI. They shall at all times rank equally with all other unsecured obligations of the bank. The rating on the notes is subject to our review of the final issuance documentation. Only a...

Bulletin