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

The notes will be issued out of the bank's Dubai branch and the bank plans to use all the proceeds for offshore lending activities.

The final rating is subject to the receipt of final documentation conforming to information already received.

The senior unsecured instruments are rated at the same level as the bank's Issuer Default Rating (IDR) because they will constitute direct, unconditional, unsubordinated and unsecured obligations of IDBI Bank. The securities will rank pari passu among themselves and with all other unsecured obligations (other than subordinated obligations) of the bank.

IDBI Bank's IDR is driven by its Support Rating Floor of 'BBB-', which is higher than its Viability Rating of 'bb', and reflects Fitch's expectation that the government of India would continue to have a high propensity to extend support to the bank, should there be a need.

Shares of the bank gained Rs 0.65, or 1.1%, to trade at Rs 59.65. The total volume of shares traded was 226,818 at the BSE (Tuesday).