Moody's rates State Bank of India notes Baa2

Moody's Investors Service said it assigned a Baa3 rating to the proposed dollar-denominated benchmark senior unsecured notes to be issued by State Bank of India (Baa3 stable, D+ negative/ba1).

The proposed notes are issued through the bank's London branch and will be listed on the Singapore Stock Exchange. The issuance contains 2 tranches of which one tranche is expected to mature in 2019 and the other in 2024.

The outlook is stable.

Moody's said SBI's Baa3 senior unsecured rating is derived from its 1) standalone credit profile of D+/ba1, and 2) Moody's assessment of the likelihood of a very high level of support from the Indian government (Baa3 stable) in a stressed situation.

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