HDFC Bank Ltd.'s Proposed Masala Bond Rated 'BBB-'

SINGAPORE (S&P Global Ratings) March 16, 2018--S&P Global Ratings today assigned its 'BBB-' long-term issue rating to the Indian rupee-denominated senior unsecured notes that HDFC Bank Ltd. (BBB-/Stable/A-3) proposes to issue. The "Masala bond" is under the bank's US$3 billion global medium-term notes program. The rating on the notes reflects the long-term issuer credit rating on HDFC Bank. The notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of the India-based bank. 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 Criteria - Financial Institutions - General: Risk-Adjusted Capital Framework Methodology, July 20,

...SINGAPORE (S&P Global Ratings) March 16, 2018--S&P Global Ratings today assigned its '###-' long-term issue rating to the Indian rupee-denominated senior unsecured notes that HDFC Bank Ltd. (###-/Stable/A-3) proposes to issue. The "Masala bond" is under the bank's US$3 billion global medium-term notes program. The rating on the notes reflects the long-term issuer credit rating on HDFC Bank. The notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of the India-based bank. 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 + Criteria - Financial Institutions - General: Risk-Adjusted Capital Framework Methodology, July 20, 2017 + General Criteria: Methodology For Linking Long-Term And Short-Term Ratings , April 7, 2017 + Criteria - Financial Institutions - Banks: Bank Hybrid Capital And Nondeferrable...

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