Moody's rates IDBI bonds Baa3

Moody's Investors Service said it assigned a Baa3 rating to IDBI Bank Ltd.'s dollar-denominated senior unsecured bonds to be issued through its branch in the Dubai International Financial Centre under the bank's $1.5 billion medium-term note program. The maturity has been set at five-and-a-half years.

The outlook is stable.

IDBI Bank will use the bond proceeds for general corporate purposes.

The agency said its rating for IDBI Bank takes into consideration its relatively good financial fundamentals and adequate liquidity, although the bank currently has some asset quality pressures.

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