S&P rates State Bank of India notes BB+

Standard & Poor's said it assigned its BB+ issue ratings to the following issues by State Bank of India (BB+/stable/B), acting through its London branch: the $26 million senior unsecured floating-rate notes due 2010, the ¥5 billion senior unsecured floating-rate notes due 2010 and the €100 million senior unsecured notes due 2010.

The notes were issued under the bank's current multi-currency $1 billion medium-term note program. Nevertheless, ratings on future issues under the program might not necessarily be the same as the ratings on the program assigned today, and will be assessed specifically as and when they occur, based on their terms and conditions, S&P said.

Proceeds of these floating- and fixed-rate notes and any future issues under the program will be used to meet the general funding requirements for the bank's international operations, subject to regulatory approvals.

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