Fitch assigns 'BBB-' rating for BoB's $250-mn senior unsecured notes

Fitch Ratings has assigned Bank of Baroda's $250-million senior unsecured notes due July 2019 a final rating of 'BBB-'.

'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. The modifier "-" has been appended to the rating to denote relative status within major rating categories.

The senior unsecured instruments are rated at the same level as the bank's Issuer Default Rating (IDR) in accordance with Fitch's criteria.

This ‘BBB-“ rating follows the completion of the securities issue, as well as the receipt of final documents conforming to information previously received, Fitch said in a statement.

The notes, issued by BoB's London branch, have been priced at 203 basis points above comparable US Treasuries and carry a maturity of 5.5 years.

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