Fitch Ratings has assigned India-based Bank of Baroda's (BOB) proposed US dollar-denominated senior unsecured debt an expected rating of 'BBB-(EXP)'.

The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer. They will at all times rank pari passu among themselves and with all other unsubordinated and unsecured obligations of BOB.

The tenor of the issue is expected to be around five years and the bank plans to use all the proceeds for offshore lending activities.

Shares of the bank declined Rs 0.85, or 0.10%, to trade at Rs 864.90 at the BSE (11.33 a.m., Tuesday).