Fitch rates IDBI Bank debt BBB-

Fitch Ratings said it assigned India-based IDBI Bank Ltd.'s (BBB-/stable) proposed dollar-denominated senior unsecured debt an expected rating of BBB-(EXP).

The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer. They will rank pari passu among themselves and with all other unsubordinated and unsecured obligations of IDBI.

The tenor of the issue is expected to be around five years and the bank plans to use all proceeds for offshore lending activities.

The notes will be issued out of the bank's Dubai branch.

The senior unsecured instruments are rated at the same level as the bank's issuer default rating, in accordance with Fitch's criteria.

IDBI Bank's issuer default rating is driven by its support rating floor of BBB-, which is higher than its viability rating of bb and reflects Fitch's expectation of a high probability of extraordinary support from the government of India, if necessary.

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