S&P rates State Bank of India notes BBB-

S&P said it assigned a BBB- long-term issue rating to a proposed issue of senior unsecured notes by State Bank of India under the bank's $10 billion medium-term note program.

The rating on the notes reflects the long-term counterparty credit rating on the bank, S&P explained.

The notes will be issued from the bank's London branch, S&P noted.

The proposed notes will constitute direct, unconditional, unsecured and unsubordinated obligations and shall at all times rank equally with all other unsecured obligations of the bank, the agency said.

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