Fitch, S&P ratings assign ‘BBB’ ratings on State Bank of India’s senior unsecured bonds

Fitch, S&P ratings assign ‘BBB’ ratings on State Bank of India’s senior unsecured bonds

The global rating agencies, S&P Global Ratings and Fitch ratings on April 25 said they assigned ‘BBB-’ long-term issue rating to benchmark-sized notes that the London branch of State Bank of India (SBI) proposes to issue.

The US dollar-denominated senior unsecured notes will be part of the India-based bank's $10 billion medium-term note program, the agency said.

The proposed bonds or US dollar-denominated senior unsecured notes will be part of the India-based bank’s $10 billion medium-term note programme, the ratings agency said in a release.

“The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of SBI, and shall at all times rank equally with all other unsecured obligations of the bank,” S&P Global said in a release said.

Further, Fitch ratings said these notes constitute its direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu among themselves and with all of SBI's other unsubordinated and unsecured obligations.

The notes will be issued by SBI's London branch, Fitch added.

Earlier this month, the Executive Committee of the Central Board of SBI approved to examine the status and decide on long-term fundraising in single or multiple tranches up to $2 billion through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during FY 2023-24.