Moody’s: State Bank of India notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to State Bank of India's (Baa3 positive, ba1) proposed dollar-denominated senior unsecured notes, issued under its $10 billion medium-term note program.

The drawdown will be carried out from its London branch, and the bonds will be listed on the Singapore Stock Exchange.

The outlook, where applicable, is positive.

Moody’ said the Baa3 foreign currency senior unsecured medium-term note debt rating is anchored on the bank’s ba1 baseline credit assessment (BCA) and the agency’s assessment of the likelihood of a very high level of support from the Indian government (Baa3 positive) in a stressed situation.

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