Fitch: IDBI Bank notes BBB-

Fitch Ratings said it assigned a final rating of BBB- to IDBI Bank Ltd.’s $350 million senior unsecured notes due November 2020.

This follows the completion of the securities issue, as well as the receipt of final documents conforming to information previously received.

The final rating is the same as the expected rating assigned Nov. 22, Fitch said.

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

The tenor of the issue is five years and the notes are issued by IDBI Bank’s Dubai branch, the agency said.

The senior unsecured instruments are rated at the same level as the bank’s issuer default rating, Fitch said.

The ratings consider an expectation of a high probability of extraordinary support from the government of India, if necessary, the agency said.

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