Fitch Ratings has assigned India-based IDBI Bank (IDBI Bank; BBB-/Stable) USD 350 million senior unsecured notes due April 2020 a final rating of 'BBB-'. This follows the completion of the securities issue and the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on Oct. 20, 2014. The notes are issued by IDBI's Dubai branch.
The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer. They will rank pari passu among themselves and with all other unsubordinated and unsecured obligations of IDBI.
The senior unsecured instruments are rated at the same level as the bank's Issuer Default Rating (IDR), in accordance with Fitch's criteria.
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 of a high probability of extraordinary support from the government of India, if necessary.
