Bank of Baroda submitted a regulatory disclosure to BSE Ltd. and National Stock Exchange of India Ltd. regarding a credit rating assignment for its proposed debt issuance.
Key Quantitative Figures
- S&P Global Ratings assigned 'BBB' long-term issue rating to US dollar-denominated senior unsecured notes
- Notes will be drawn from the bank's US$4 billion medium-term note program
- Issuer credit rating on Bank of Baroda: BBB/Stable/A-2
Parties Involved
- Issuer: Bank of Baroda's GIFT City branch
- Rating Agency: S&P Global Ratings
- Regulatory Recipients: BSE Ltd. and National Stock Exchange of India Ltd.
- Company Representative: S Balakumar, Company Secretary
Rating Rationale
The rating on the proposed notes is equalized with the issuer credit rating on Bank of Baroda (BBB/Stable/A-2), reflecting the expectation that the notes shall always rank equally with all the bank's other senior unsecured obligations.
Instrument Characteristics
The notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of Bank of Baroda, an India-based bank.
Conditional Aspect
The rating on the proposed notes is subject to S&P's review of the final terms and conditions.
Contacts at S&P Global Ratings
- Primary Contact: Shinoy Varghese, Singapore (+65-6597-6247)
- Additional Contact: Ruchika Malhotra, Singapore (+65-6239-6362)