Bank of India's unsecured notes get 'BBB-'

Standard & Poor's rated Bank of India's proposed senior unsecured notes under its US$2 billion medium-term notes program a 'BBB-'.

This issue will have a tenor of five years. It will not have a call option, put option or step-up in pricing.

The proceeds of these issues will be used to fund the bank's international operations, and for general corporate purposes in India, subject to regulatory approval. The proposed senior notes will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank, and shall at all times rank pari passu with all other unsecured obligations.