S&P affirms Bank of India notes at BBB-, BB+, BB

Standard & Poor's said that it affirmed the issue ratings on the proposed issues under the $3 billion medium-term notes program by Bank of India (BBB-/stable/A-3) as follows: BBB- rating on the senior unsecured notes, BB+ rating on the lower tier II subordinated notes and BB rating on the upper tier II subordinated notes and the hybrid tier I notes.

The bank increased the size of the program to $3 billion from $2 billion. The bank will use the net proceeds from the proposed notes to meet the funding requirements of its overseas offices. The bank may also use the proceeds for general corporate purposes at its Indian operations, subject to regulatory approval.

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