Moody's rates IDBI notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the forthcoming foreign currency senior unsecured note issue of $200 million to $300 million due 2009 of IDBI Ltd.

Moody's rating is sustained by a high likelihood of support from the government of India and also takes into account the bank's intrinsic financial strength. Moody's view on the likelihood of support is based on majority government ownership, the bank's importance to India through its leading development finance franchise and the strong track record of financial support for the bank from the government.

IDBI Ltd is based in Mumbai, India, and at the end of September had total assets of rupee 638.5 billion.

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