S&P gives UTI Bank floaters BB+

Standard & Poor's said it assigned its BB+ issue rating to the proposed senior unsecured, three-year, $250 million floating-rate notes to be issued by UTI Bank Ltd. (BB+/positive/B), acting through its Singapore branch.

These notes are being issued under the bank's multi-currency €1 billion medium-term note program, the agency said, adding that the senior notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the bank and will rank pari passu with all of the bank's unsecured and unsubordinated obligations and ahead of all subordinated debt issues.

The issue proceeds will be used to meet the funding requirements of UTI Bank's international operations or any other activities, subject to regulatory approvals, S&P said.

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