Moody's retains rating on SBI's senior unsecured notes

Chennai: Global credit rating agency Moody`s Investors Service said it has retained its rating for State Bank of India`s (SBI) senior unsecured notes after the issue size was increased by $100 million to $600 million.

The issue is part of SBI`s $10 billion medium term note programme.

"The upsize will be carried out from its London branch, and the bonds will be listed on the Singapore Stock Exchange," Moody`s said on Monday in a report.

The outlook on the ratings, where applicable, is positive, Moody`s said.

The Baa3 rating on the notes is based on the executed pricing supplement and the bank`s MTN prospectus.

The Baa3 foreign currency senior unsecured debt rating is anchored on SBI`s ba1 baseline credit assessment (BCA) and Moody`s assessment of the likelihood of a very high level of support from the Indian government (Baa3 positive) in a stressed situation, Moody`s said.