S&P assigns BBB-minus to SBI's London branch proposed senior unsecured notes

S&P Global Ratings on Wednesday assigned BBB-minus long-term issue rating to a proposed issue of senior unsecured notes by State Bank of India (SBI) under the bank's 10 billion dollars medium-term note programme.

The rating on notes reflects long-term issuer credit rating on SBI, it said.

The notes will be issued from the bank's London branch. The proposed notes will constitute direct, unconditional, unsecured and unsubordinated obligations of SBI, and will at all times rank equally with all other unsecured obligations of the bank.

"The rating on the proposed notes is subject to our review of the final issuance documentation," said S&P in a brief statement.

( With inputs from ANI )