Bank of India's USD 1 Billion EMTN Programme Rated 'BBB-' by Fitch, 'BBB' by S&P
Bank of India's USD 1 Billion Euro Medium Term Note Programme has received credit ratings from Fitch and S&P. Fitch assigned a 'BBB-' rating, while S&P assigned a 'BBB' rating. The programme was established on September 28, 2026.
The credit ratings are for a Euro Medium Term Note Programme, which is a significant funding instrument. The ratings impact the bank's ability to raise debt internationally at potentially better terms, which is important for its growth and operations.
The assignment of credit ratings by reputable agencies like Fitch and S&P, especially at investment-grade levels, is generally a positive development for a company's borrowing capacity and market perception.
Bank of India has announced that credit rating agencies have assigned ratings to its Euro Medium Term Note (EMTN) Programme of USD 1 Billion, established on 28th September 2026.
Fitch Ratings assigned a 'BBB-' rating to the programme, aligning it with Bank of India's Long-Term Issuer Default Rating (IDR). This rating reflects a high probability of extraordinary state support, given the government's 73% ownership and the bank's significant size. Fitch also assigned an 'ex-government support' (xgs) long-term senior unsecured rating of 'BB(xgs)' to the MTN programme.
S&P Global Ratings assigned an 'BBB' long-term issue rating to the same US$1 billion medium-term note program. S&P has equalized the rating on the program with the issuer credit rating on Bank of India (BBB/Stable/A-2), expecting notes issued under the program to rank equally with all other senior unsecured obligations of the bank.
The proceeds from notes issued under the programme will be used for funding requirements of its head office, foreign offices or branches, and for general corporate purposes, as per applicable laws in India. The MTN programme is intended to be listed on the India International Exchange and the NSE IX.
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Bank of India filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Bank of India. Read the original for the full detail.