S&P rates IDBI Bank notes BB+

Standard & Poor’s said it assigned its BB+ long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by IDBI Bank Ltd. (foreign currency BB+/stable/B).

The rating on the notes reflects the long-term issuer credit rating on the bank, S&P said in a news release.

IDBI intends to use the bond proceeds to finance or refinance certain eligible current or future transportation and renewable energy (or green) projects. However, the bank intends to pay the principal and interest on the notes from its general funds; the payments will not be directly linked to the performance of the projects, the agency said.

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