Moody's rates Bank of India bond Baa2

Moody's Investors Service said it assigned a Baa2 rating to the RM 500 million senior unsecured fixed-rate bonds with a five-year tenor to be issued by State Bank of India through its London branch.

The outlook is stable.

Proceeds will be used for international operations.

The rating incorporates the bank's standalone financial strength and the bank's global local-currency deposit ratings of A1/Prime-1, the agency said.

The rating also considers the bank's moderate profitability and strong capitalization following a recent rights issue but also the challenge to further modernize by upgrading its technological infrastructure and systems, Moody's said.

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