Fitch Rates Bank of Baroda's USD750m Senior Unsecured Debt Final 'BBB-'

Tue Jan 21, 2014 10:53pm EST

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(The following statement was released by the rating agency) MUMBAI/SINGAPORE, January 21 (Fitch) Fitch Ratings has assigned India-based Bank of Baroda’s (BOB; BBB-/Stable) USD750m senior unsecured notes due July 2019 a final rating of ‘BBB-’. This follows the completion of the securities issue, as well as the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on 6 January 2014. The notes, issued by BOB’s London branch, have been priced at 325bp above comparable US Treasurys and carry a maturity of 5.5 years. KEY RATING DRIVERS The senior unsecured instruments are rated at the same level as the bank's Issuer Default Rating (IDR), in accordance with Fitch’s criteria. For more details on BOB's ratings and credit profile, see "Fitch Takes Rating Action on Indian Banks", dated 23 September 2013, available at www.fitchratings.com. RATING SENSITIVITIES A change in BOB’s IDR will have an impact on the securities’ rating. BOB’s other ratings are as follows: - Long-Term IDR 'BBB-'; Outlook Stable - Short-Term IDR 'F3' - Viability Rating 'bb+' - Support Rating '2' - Support Rating Floor 'BBB-' - USD 3bn MTN Programme ‘BBB-’ - USD 500mn Senior Unsecured Notes under the MTN programme ‘BBB-’ - USD 350mn Senior Unsecured Notes under the MTN programme ‘BBB-’ - USD 300mn Upper tier 2 Notes ‘B+’ Contact: Primary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Fitch Ratings Singapore Pte Ltd. 6 Temasek Boulevard #35-04/05 Suntec Tower 4 Singapore Secondary Analyst Saswata Guha Director +91 22 4000 1741 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: bindu.menon@fitchratings.com; Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available at www.fitchratings.com Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 August 2012, are available at www.fitchratings.com Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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