SINGAPORE (Standard&Poor's) June 18, 2007--Standard&Poor's Ratings Services today assigned its 'BB' issue rating to the State Bank of India's (SBI; BBB-/Stable/A-3) proposed US$225 million Hybrid Tier I perpetual notes under its US$5 billion MTN program. The Hybrid Tier I notes will be perpetual notes with a call option 10 years from the date of issue. The payment obligation on Hybrid Tier I perpetual notes shall rank junior to claims of senior and subordinated debt holders but senior to claims of preference and equity shareholders, and claims for payment of any obligation, that expressly or by applicable law, is subordinated to the proposed Hybrid Tier I notes. The rating differential between the 'BBB-' counterparty credit rating and
