Moody's rates Bank of Baroda notes Baa2

Moody's Investors Service said it assigned Baa2 foreign-currency rating to Bank of Baroda's proposed senior debt notes under its $1.5 billion medium-term note program.

Under the program, Moody's said the bank may issue any of foreign-currency debt instruments, including its senior unsecured notes, rated Baa2; lower tier 2 subordinated notes, rated Baa3; upper tier 2 subordinated notes (junior subordinated), rated Ba1; and perpetual hybrid tier 1 notes, rated Ba2.

The agency said it believes the bank, as a majority government-owned bank, enjoys a high probability of systemic support.

The bank's long-term senior unsecured foreign-currency debt rating is set at the same level as its long-term global local-currency deposit rating and also is equal to India's Baa2 foreign-currency bond ceiling, Fitch said.

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