S&P assigns BBB- to notes of Bank of India

Credit rating agency Standard & Poor's today assigned its 'BBB-' rating to the proposed senior unsecured notes of Bank of India. The proposed issuance is part of bank's existing $2 billion medium term notes program.

The proceeds from this issue will be used to fund the banks international operations and for general corporate purposes as are permitted under the applicable laws, stated a release from S&P.

The issue constitutes direct, unconditional, unsecured and unsubordinated obligations of the bank. It shall at all times rank pari passu with all other unsecured and unsubordinated obligations. It will rank ahead of all subordinated debt issues. It will not have a call or put option and would be listed on the Singapore Exchange.