S&P rates State Bank of India notes BBB-

Standard & Poor's said it assigned a BBB- rating to State Bank of India's proposed senior unsecured notes under the bank's existing $5 billion medium-term notes program.

The proposed notes will constitute unsecured and unsubordinated obligations of the bank, will rank pari passu with all of the bank's unsecured and unsubordinated obligations and rank ahead of all subordinated debt issues. The notes have a tenor of five years.

The proceeds will be used for general corporate purposes, S&P said.

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