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 rating to the proposed issue of senior unsecured notes by Syndicate Bank (BBB-/Negative/A-3). The rating on the notes reflects the long-term counterparty credit rating on the bank.

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

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

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