TEXT-S&P Rates Syndicate Bank's Proposed Sr Unsecd Notes 'BBB-'

(The following was released by the rating agency)

SINGAPORE (Standard & Poor's) Oct. 9, 2012--Standard &Poor's Ratings Services today assigned its 'BBB-' issue ratingto the proposed issue of senior unsecured notes by SyndicateBank (BBB-/Negative/A-3). The rating on the notes reflects thelong-term counterparty credit rating on the bank.

The proposed notes will constitute direct, unconditional,unsecured, and unsubordinated obligations of the bank. Theyshall at all times rank at par among themselves and with allother unsecured obligations of the bank.

The rating on the notes is subject to our review of thefinal issuance documentation.

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