S&P gives IDBI notes BBB-

Standard & Poor's said it assigned its BBB- issue rating to the proposed issue of senior unsecured notes by IDBI Bank Ltd. (BBB-/stable/A-3).

The agency said that the proposed notes will have the following features:

• They will constitute unsecured and unsubordinated obligations of the bank;

• They will rank pari passu with all of the bank's unsecured and unsubordinated obligations;

• They will rank ahead of all subordinated debt issues;

• The tenor will be five-and-a-half years; and

S&P added that the proposed issue will be made through the bank's Dubai branch and proceeds will be used for general corporate purposes in accordance with applicable rules or regulations.

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