S&P rates HDFC Bank notes BBB-

Standard & Poor's said it assigned a BBB- rating to a proposed issue of senior unsecured notes by HDFC Bank Ltd.

The bank will issue the notes under its $2 billion medium-term notes program. The rating on the notes reflects the long-term issuer credit rating on the bank, S&P said.

The proposed notes will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank, the agency said. They shall at par among themselves and with all other unsecured obligations of the bank, S&P said.

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