S&P rates Bank of India notes BB-

Standard & Poor's said it assigned its BB- rating to Bank of India's (BB+/positive/B) proposed upper tier II subordinated and hybrid tier I notes under its $1 billion MTN program.

At the same time, S&P said it raised its rating on the proposed subordinated notes, or lower tier II notes, under the MTN program to BB from BB-.

The differential between the BB+ counterparty credit rating on the bank and the BB rating on the lower tier II notes reflects the subordinated nature of the notes, the agency added.

The differential between the BB+ counterparty credit rating and BB- rating on the upper tier II and hybrid tier I securities reflects the subordinated nature of the notes and embedded interest deferral feature, S&P said.

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