SINGAPORE (Standard&Poor's) Nov. 24 2004--Standard&Poor's Ratings Services today assigned its ratings to State Bank of India's (SBI; foreign currency BB/Positive/B, local currency BB+/Stable/B) future debt to be issued under its proposed multi-currency US$1 billion medium-term note (MTN) program. The MTN program is to be issued out of its London branch. Standard&Poor's assigned its 'BB' rating to senior unsecured debt issued under the MTN program, while future subordinated debt under the program was rated 'BB-'. The rating assigned to the program's senior unsecured debt is the same as Standard&Poor's foreign currency counterparty credit rating on SBI, and is thus similarly constrained by the foreign currency sovereign rating assigned to the Republic of India
