Moody's retains rating on SBI's senior unsecured notes

Global credit rating agency Moody's Investors Service said it has retained its rating for State Bank of India's (SBI) senior unsecured notes after the issue size was increased by $100 million to $600 million.

The issue is part of SBI's $10 billion medium-term note programme.

"The upsize will be carried out from its London branch, and the bonds will be listed on the Singapore Stock Exchange," Moody's said on Monday in a report.

The outlook on the ratings, where applicable, is positive, Moody's said.

The Baa3 rating on the notes is based on the executed pricing supplement and the bank's MTN prospectus.

The Baa3 foreign currency senior unsecured debt rating is anchored on SBI's ba1 baseline credit assessment (BCA) and Moody's assessment of the likelihood of a very high level of support from the Indian government (Baa3 positive) in a stressed situation, Moody's said.