RPT-Fitch Rates Bank of Baroda's USD250m Senior Unsecured Debt Final 'BBB-'
(Repeat for additional subscribers)
July 14 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned India-based Bank of Baroda's (BOB; BBB-/Stable) USD250m 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 8 July 2014. The notes, issued by BOB's London branch, have been priced at 203bp above comparable US Treasuries and carry a maturity of 5.5 years.
KEY RATING DRIVERS - SENIOR DEBT
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 full report titled 'Bank of Baroda', dated 15 April 2014, available at www.fitchratings.com or by clicking on the link in 'Related Research' below.
A change in BOB's IDR will have an impact on the securities' rating. BOB's other ratings are not affected and 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 750mn Senior Unsecured Notes under the MTN programme 'BBB-'
USD 300mn Upper tier 2 Notes 'B+'
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