Bank of Maharashtra Euro Medium-Term Note Programme has received a ‘BBB’ long-term issue rating from S&P Global Ratings, the lender informed BSE and NSE in a filing dated September 7, 2026. The rating applies to the bank’s US$500 million Euro Medium-Term Note (MTN) programme established on September 4, 2026.

S&P said Bank of Maharashtra proposes to issue senior unsecured notes under the programme. The rating agency assigned the programme rating on September 7.

Rating aligned with issuer credit assessment

S&P Global Ratings said it had equalised the programme rating with Bank of Maharashtra’s issuer credit rating of BBB/Stable/A-2. According to the rating report, this reflects its expectation that notes issued under the programme will rank equally with the bank’s other senior unsecured obligations.

The proposed notes would constitute direct, unconditional, unsubordinated and unsecured obligations of Bank of Maharashtra, S&P said.

Provision for index-linked notes

The bank may also issue index-linked notes under the programme. S&P noted that, under its rating criteria, it does not rate notes where principal payments are linked to fluctuations in equity prices, commodity prices or indices.

The disclosure was made under Regulation 30 of the SEBI Listing Regulations. Bank of Maharashtra said the detailed rating report has been enclosed with its exchange intimation.

Source: BSE corporate announcement.