SINGAPORE (Standard&Poor's) Dec. 3, 2004--Standard&Poor's Ratings Services said today it assigned its 'BB' issue rating to the US$400 million senior unsecured, five-year fixed rate notes to be issued by State Bank of India (SBI; foreign currency BB/Positive/B, local currency BB+/Stable/B), acting through its London Branch. These notes are being issued under the bank's multi-currency US$1 billion medium-term note (MTN) issuance program, to which Standard&Poor's has assigned its 'BB' senior unsecured debt rating and 'BB-' subordinated debt rating. (See media release, "Ratings Assigned to State Bank of India's Proposed US$1B MTN Program," published Nov. 24, 2004, on RatingsDirect, Standard&Poor's Web-based credit research and analysis system, at www.ratingsdirect.com.) Nevertheless, ratings on future issues under
