Moody's downgrades AE-Rotor bonds

Moody's Investors Service said it downgraded AE-Rotor Holding BV's $647 million 4.969% bonds due 2018 to Baa3 from Baa2.

The agency said the rating is based primarily on State Bank of India's unsecured and unsubordinated obligations in support of the payment of the bonds through a standby letter of credit. Consequently, the downgrade of the bonds is the result of Moody's downgrade of State Bank of India's foreign-currency senior rating to (P)Baa3 from (P)Baa2 under its medium-term note program on Sept. 23. The outlook on State Bank of India's rating is stable.

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