Fitch rates IDBI notes BB+

Fitch Ratings said it assigned Industrial Development Bank of India's $300 million notes due 2009 a long-term foreign currency rating of BB+.

The outlook is stable.

The notes are senior unsecured obligations of the bank.

Established in 1964 under an act of Parliament, IDBI is India's largest project financing institution and an important constituent of the financial system. Although it is listed on local bourses, the government continues to have majority ownership of IDBI. While the Indian Parliament has approved IDBI's conversion into a commercial bank, it directed the government not to reduce its stake in IDBI below 51%.

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