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Moody's rates IDBI notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to IDBI Bank Ltd.'s proposed issuance of long-term senior unsecured notes under its $1.5 billion medium-term note program.
The notes will be denominated in Singapore dollar and issued by the Dubai International Financial Centre Branch, Dubai of IDBI Bank.
Moody's has a standalone bank financial strength rating of D- for IDBI Bank, mapping to a baseline credit assessment of Ba3 on the long-term scale.
Moody's said it believes that the probability of systemic support for IDBI Bank is very high from the Indian government in an event of a systemic crisis. The Indian government has in the past supported Indian public sector banks, including IDBI Bank, by infusing equity and providing liquidity support when required.
Therefore, the long-term local currency deposit and foreign currency senior unsecured debt ratings receive a three-notch rating uplift from its baseline credit assessment, the agency said.
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