(The following statement was released by the rating agency)
SINGAPORE/MUMBAI, March 18 (Fitch) Fitch Ratings has assigned
Bank Ltd's (IDBI Bank; BBB-/Stable) proposed US
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.
KEY RATING DRIVERS
The senior unsecured instruments are rated at the same level as
Issuer Default Rating (IDR) because they will constitute direct,
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
to the bank, should there be a need.
A change in IDBI Bank's IDR will have an impact on the
securities' rating. A
change in the IDR would be sensitive to a reassessment of the
support or a change in the sovereign rating.
IDBI Bank'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-'
USD5bn medium-term note programme 'BBB-'
SGD250m senior unsecured notes 'BBB-'
CNY650m senior unsecured notes 'BBB-'
CHF110m senior unsecured notes 'BBB-'
USD1.35bn senior unsecured notes 'BBB-'
For more details on IDBI Bank's ratings and credit profile, see
Rating Action on Indian Banks", dated 23 September 2013 and
"Fitch Rates IDBI
Bank's MTN Programme and Senior Debt 'BBB-'", dated 16 December
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Additional information is available on www.fitchratings.com
Applicable criteria, "Global Financial Institutions Rating
Criteria", dated 31
January 2014, are available at www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
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