S&P rates IDBI Bank notes

Standard & Poor's said it assigned IDBI Bank's proposed debt issues under the bank's $1.5 billion medium-term notes (MTN) program a BBB- rating on the senior unsecured notes, BB+ rating on the lower Tier 2 subordinate and BB rating on the upper Tier 2 subordinated and hybrid Tier 1 notes.

Proceeds will be used to fund IDBI's foreign offices as well as for general corporate purposes.

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