Fitch rates State Bank of India notes BBB-

Fitch Ratings said it assigned an expecting rating of BBB- to State Bank of India's proposed senior unsecured notes.

The notes will constitute its direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with all of the bank's other unsubordinated and unsecured obligations.

The senior unsecured instruments are rated at the same level as the bank's issuer default rating, Fitch said.

The ratings are driven by the company's support rating floor of BBB-, which is higher than its viability rating of BB+, the agency said.

The support floor reflects the very high probability of extraordinary support from the India sovereign, if needed, in light of the bank's very high systemic importance and quasi-sovereign status, Fitch said.

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