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Moody's: IDBI Bank 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.
Moody's said it believe 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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