SBI's Proposed Dollar-Denominated Bond Issuance Gets BBB- Rating From S&P, Fitch

S&P and Fitch on Wednesday gave investment grade rating 'BBB-' to the proposed dollar-denominated bonds to be issued by the London branch of India's biggest lender SBI.

The senior unsecured notes issuance will be part of SBI's $10 billion medium-term note programme, S&P said in a statement.

"S&P Global Ratings today assigned its 'BBB-' long-term issue rating to benchmark-sized notes that the London branch of State Bank of India (SBI) proposes to issue," the US-based agency said in a statement.

In a statement, Fitch said it has given an expected rating of 'BBB-(EXP)' to the proposed senior unsecured notes issuance by the bank's London branch.

"The notes will constitute SBI's 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," Fitch said.

The amount to be raised by the bank through the medium term notes issuance is not immediately known.

Last week, SBI said it has raised $250 million through issuance of green notes to fund sustainable projects.

This issuance, maturing on Dec. 29, 2028, is part of SBI's $10 billion medium-term note programme and was conducted through private placement facilitated by its London branch, the bank had said.