Fitch rates State Bank of India green bond BBB-

Fitch Ratings said it assigned State Bank of India's (BBB-/stable) proposed senior unsecured debt an expected rating of BBB-.

The bank plans to use the proceeds from the proposed note issue to finance environmentally friendly projects in accordance with the bank's green bond framework.

The notes will constitute the bank’s direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu among themselves and with all of its other unsubordinated and unsecured obligations.

The tenor of the issue is expected to be five years and the notes are to be issued by the bank’s London branch.

Fitch said the bank’s senior debt ratings are broadly sensitive to the same considerations that affect its issuer default rating, and that any change in the issuer default rating will result in a similar change in the rating on the proposed notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.