HDFC Bank’s $1.75B notes rated BBB/Baa3
HDFC Bank Limited (HDB) reports that two agencies have assigned issue ratings to its proposed U.S. dollar senior notes.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
HDFC Bank Limited (HDB) reports that two agencies have assigned issue ratings to its proposed U.S. dollar senior notes. S&P Global Ratings, acting through its Singapore entity, assigned a BBB rating to proposed USD Senior Notes due 2029 and 2031. Moody’s Investors Service Singapore Pte. Limited assigned a Baa3 rating with Stable outlook to an issuance of up to USD 1,750,000,000 in Fixed Rate Senior Notes. The agencies state that these ratings are opinions of credit risk only and are not investment advice, and that they may revise or withdraw the ratings at their discretion.
Key Figures
Key Terms
Fixed Rate Senior Notes financial
CreditWatch financial
Confidential Information financial
Restricted Transfer regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What credit ratings did HDFC Bank (HDB) receive for its proposed USD senior notes?
What is the planned size of HDFC Bank’s (HDB) fixed rate senior notes issuance?
Do the S&P and Moody’s ratings on HDFC Bank (HDB) notes constitute investment advice?
Can the new ratings on HDFC Bank’s (HDB) proposed notes change over time?
What outlook did Moody’s assign to HDFC Bank’s (HDB) proposed fixed rate senior notes?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of August, 2026
Commission File Number 001-15216
HDFC BANK LIMITED
(Translation of registrant’s name into English)
HDFC Bank House, Senapati Bapat Marg,
Lower Parel, Mumbai. 400 013, India
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| HDFC BANK LIMITED | ||||||
| (Registrant) | ||||||
| Date: August 20, 2026 | ||||||
| By: | /s/ Ajay Agarwal | |||||
| Name: | Ajay Agarwal | |||||
| Title: | Company Secretary Group Head – Secretarial & Group Oversight | |||||
EXHIBIT INDEX
The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this report pursuant to the General Instructions for Form 6-K.
Exhibit No. 99
Description
Disclosure
Exhibit 99
August 20, 2026
New York Stock Exchange
11, Wall Street,
New York,
NY 10005
USA
Dear Sir,
Sub: Disclosure
We wish to inform that S&P Global Ratings, acting through S&P Global Ratings Singapore Pte. Limited, and Moody’s Investors Service Singapore Pte. Limited have assigned ratings to the proposed Fixed Rate Senior Notes of the Bank on August 20, 2026.
The summary of the ratings assigned is given below:
S&P Global Ratings, acting through S&P Global Ratings Singapore Pte. Limited
| Rating Description |
Rating description |
Rating Action | ||
| Proposed USD Senior Notes due 2029 and 2031 | BBB | Assigned |
Moody’s Investors Service Singapore Pte. Limited
| Instrument Type |
Size of Issue |
Rating |
Outlook |
Rating Action | ||||
| Fixed Rate Senior Notes | USD 1,750,000,000 | Baa3 | Stable | Assigned |
The rating letters issued by S&P Global Ratings, acting through S&P Global Ratings Singapore Pte. Limited, and Moody’s Investors Service Singapore Pte. Limited are annexed herewith for your information and record.
This is for your information and appropriate dissemination.
Yours faithfully,
For HDFC Bank Limited
Sd/-
Ajay Agarwal
Company Secretary
Group Head – Secretarial & Group Oversight
|
20 August 2026 |
C-111, Ground Floor, Nila Spaces, Block 11-D, Zone 1, Road-1A, Gift SEZ, Village Ratanpur, Taluka and District Gandhinagar, Gujrat-382355 India, Gift City, Gandhinagar-382355, Gujarat, India S&P Global Ratings Singapore Pte. Ltd. |
HDFC Bank Ltd. (GIFT-City Branch)
Kapil Bansal,
Sr. Executive Vice President,
Treasury
Re: New Rating
To Whom it May Concern,
S&P Global Ratings hereby assigns the below rating(s):
| Issuer |
Rating Description |
Rating | ||
| HDFC Bank Ltd. (GIFT-City Branch) |
Proposed USD Senior Notes due 2029 and 2031 |
BBB |
This letter assumes that the final documentation for the above-referenced issue[s] will not materially differ from the latest version we received. Please send us a clean copy of the executed documentation, and if applicable a marked copy showing any changes that were made, as soon as available.
This letter constitutes S&P Global Ratings’ permission for you to disseminate the above-assigned rating(s) to interested parties in accordance with applicable laws and regulations. However, permission for such dissemination (other than to professional advisors bound by appropriate confidentiality arrangements or to allow the Issuer to comply with its regulatory obligations) will become effective only after we’ve released the rating on www.spglobal.com/ratings. Any dissemination on any Website by you or your agents shall include the full analysis for the rating, including any updates, where applicable. Any such dissemination shall not be done in a manner that would serve as a substitute for any products and services containing S&P Global Ratings’ intellectual property for which a fee is charged. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P Global Ratings may choose to acknowledge such a rating and denote such acknowledgement on www.spglobal.com/ratings with an alphabetic or other identifier affixed to such rating or by other means.
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The rating(s) is/are subject to the Terms and Conditions attached to the Engagement Letter applicable to the rating. In the absence of such Engagement Letter and Terms and Conditions, the rating(s) is/are subject to the attached Terms and Conditions. The applicable Terms and Conditions are incorporated herein by reference.
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S&P Global Ratings is pleased to have the opportunity to provide its rating opinion. For more information please visit our website at www.spglobal.com/ratings. If you have any questions, please contact us. Thank you for choosing S&P Global Ratings.
Sincerely yours,
S&P Global Ratings, acting through
S&P Global Ratings Singapore Pte. Limited
Analytical Contact:
Name: Nikita Anand
S&P Global Ratings Terms and Conditions Applicable to Credit Ratings
You understand and agree that:
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S&P Global Ratings Singapore Pte. Ltd.
Registration No. 201117563C
Credit Ratings (May 2018)
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S&P Global Ratings Singapore Pte. Ltd.
Registration No. 201117563C
Credit Ratings (May 2018)
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S&P Global Ratings Singapore Pte. Ltd.
Registration No. 201117563C
Credit Ratings (May 2018)
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Credit Ratings Acknowledged for Use in Other Jurisdictions. To the extent that regulatory authorities allow a credit rating agency to acknowledge in one jurisdiction a credit rating issued in another jurisdiction for certain regulatory purposes, S&P Global Ratings may choose to acknowledge such a credit rating and denote such acknowledgement on www.spglobal.com/ratings with an alphabetic or other identifier affixed to such credit rating or by other means. S&P Global Ratings reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. If S&P Global Ratings acknowledges such a credit rating for regulatory purposes, all limitations set out herein with respect to a credit rating will apply to such acknowledgment of the credit rating, including without limitation, that such acknowledgement is not a recommendation to purchase, hold, or sell any securities nor does it comment on market price, marketability, investor preference or suitability of any security. S&P Global Ratings, its affiliates or third party providers, or any of their officers, directors, shareholders, employees or agents shall not be liable to you, your affiliates or any person asserting claims on your behalf, directly or indirectly, for actions, damages (consequential, special, indirect, incidental, punitive, compensatory, exemplary or otherwise), claims, liabilities, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in any way arising out of or relating to the assignment, withdrawal, or suspension of such acknowledgement, even if advised of the possibility of such damages or other amounts, except to the extent such damages or other amounts are finally determined by a court of competent jurisdiction in a proceeding in which you and S&P Global Ratings are parties to result from gross negligence, intentional wrongdoing or willful misconduct of S&P Global Ratings.
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S&P Global Ratings Singapore Pte. Ltd.
Registration No. 201117563C
Credit Ratings (May 2018)
Amendments. This Agreement may not be amended or superseded except by a writing that specifically refers to this Agreement and is executed manually or electronically by authorized representatives of both parties.
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S&P Global Ratings Singapore Pte. Ltd.
Registration No. 201117563C
Credit Ratings (May 2018)
S&P Global Ratings – Data Protection Appendix to Terms and Conditions
| 1. | This Appendix: This Data Protection Appendix (“Appendix”) is incorporated into the Engagement Letter and S&P Global Ratings Terms and Conditions (together, the “Agreement”) between S&P Global Ratings and you. In the event of conflict, this Appendix takes priority over the provisions of the Agreement but solely to the extent of the conflict. |
| 2. | Definitions: All words, terms or phrases, the meaning of which are defined in the Agreement, shall have the same meaning where used in this Appendix. In this Appendix, the following terms shall have the following meanings: |
“controller”, “processor”, “data subject”, “personal data”, “processing”, “process”, “special categories of personal data,” “joint controller” and analogous or equivalent terms shall have the meanings given in Applicable Data Protection Law; where these terms are not defined in the Applicable Data Protection Law, they shall have the meaning given to them in the GDPR;
“Analytical Data” means underlying personal data contained within the information which is provided to S&P Global Ratings for the purposes of the provision of the Services, such as the personal data of individuals who have financial products in place which are relevant to the issuing of a rating;
“Applicable Data Protection Law” shall mean, as applicable, the EU General Data Protection Regulation (Regulation 2016/679) (as may be amended, superseded or replaced) (“GDPR”) and all other supplemental or implementing laws relating to data privacy in the relevant European Union member state, including where applicable the guidance and codes of practice issued by the relevant supervisory authority, and/or all applicable data protection and privacy laws, regulations, binding guidance and mandatory codes of practice of other countries;
“Client Data” means personal data of data subjects, such as your employees, associates or partners, that is provided to S&P Global Ratings during the provision by S&P Global Ratings of the Services to you, such as name, job title, name of employer, office email address, office physical address, internet protocol address, office telephone number and language selection (and excludes special categories of personal data);
“Controller-to-Controller Standard Contractual Clauses” means the standard contractual clauses (as adopted by European Commission Decision 2021/914 on 4 June 2021) for the transfer of personal data to third countries pursuant to Regulation (EU) 2016/679 of the European Parliament and of the Council (a copy of the current version of which is accessible at: https://eur-lex.europa.eu/eli/dec_impl/2021/914/oj), as completed in the form available at: https://www.spglobal.com/_assets/documents/ratings/ratings_scc_controller_to_controller_final.pdf, and which shall be deemed incorporated into this Appendix by reference solely for purposes of Clause 8 of this Appendix and within which you are the “Data Exporter” and S&P Global Ratings is the “Data Importer”;
“Data” means Analytical Data and Client Data;
“Destination Jurisdiction” means a jurisdiction in respect of which additional safeguards are required under Applicable Data Protection Law of the Origin Jurisdiction in order lawfully to transfer personal data overseas to that jurisdiction;
“Origin Jurisdiction” means any jurisdiction that requires additional safeguards in order to lawfully transfer personal data to a Destination Jurisdiction, including but not limited to the following jurisdictions: a jurisdiction within the European Economic Area, the United Kingdom, Switzerland or Dubai International Financial Centre;
“Permitted Purpose” means processing in accordance with Applicable Data Protection Law:
| (A) | by employees, officers, consultants, agents and advisors of S&P Global Ratings or its affiliates of Data: (i) to provide ratings and other products and services (the “Services”) to you, (ii) to communicate with you regarding the Services that may be of interest to you, (iii) as described in the S&P Global Ratings’ Use of Information section of the Agreement and (iv) as otherwise permitted in the Agreement; |
| (B) | of personal data by you to access and use the Services; |
place any amended or replacement version between them, as required by Applicable Data Protection Law.
“Restricted Transfer” means a transfer of personal data (including making personal data available by remote access or otherwise) in respect of which additional safeguards are required under Applicable Data Protection Law in order to lawfully transfer that personal data, such as a transfer of Data from within an Origin Jurisdiction, or that is otherwise subject to Applicable Data Protection Law of an Origin Jurisdiction, to a Destination Jurisdiction;
“Standard Contractual Clauses” means the relevant standard contractual clauses as set forth at https://www.spglobal.com/_assets/documents/ratings/scc_landing_page.pdf; and
Ratings DPA (03/25)
S&P Global Ratings – Data Protection Appendix to Terms and Conditions
“UK Addendum” means the International Data Transfer Addendum to the EU Commission Standard Contractual Clauses issued by the United Kingdom Information Commissioner’s Office under S119A(1) Data Protection Act 2018, effective March 21, 2022, completed in the form available at https://www.spglobal.com/_assets/documents/ratings/uk_addendum_for_client_agreements.pdf.
| 3. | Disclosure of data: Each party will only disclose personal data to each other to process strictly for the Permitted Purpose. You confirm that you are entitled to provide Data to S&P Global Ratings for the Permitted Purpose, including obtaining data subject consent where required by Applicable Data Protection Law. |
| 4. | Relationship of the parties: Except as may be specifically otherwise agreed, the parties acknowledge that you are a controller of the Data you disclose to S&P Global Ratings and that S&P Global Ratings will process the Data you disclose to S&P Global Ratings as a separate and independent controller strictly for the Permitted Purpose. In no event will the parties process the Data as joint controllers. Each party shall be individually and separately responsible for complying with the obligations that apply to it as a controller under Applicable Data Protection Law. Please see our Customer Privacy Policy (available at https://www.spglobal.com/corporate-privacy-policy) and Cookie Notice (available at https://www.spglobal.com/corporate-privacy-policy/corporate-privacy-and-cookie-notice) for further information regarding how personal data that you provide to S&P Global Ratings in connection with the Services will be used and maintained. |
| 5. | Notifications: Where required by applicable law, each party (“Notifier”) will inform the other promptly after any inquiry, communication, request or complaint relating to Notifier’s processing of the personal data transferred by the other party to the Notifier under this Appendix which is received from: (i) any governmental, regulatory or supervisory authority, (ii) any data subject or (iii) any other person or entity alleging unlawful or unauthorized processing. |
| 6. | Use and Restrictions on Use: Notwithstanding the information that you are entitled to use from the Services and distribute to third parties to the extent permitted by the Agreement, you shall not distribute or use any personal data to which you have had access when receiving the Services other than for the Permitted Purpose. |
| 7. | Security: The parties shall implement appropriate technical and organisational measures to protect the Data from: (i) accidental, unauthorized or unlawful destruction and (ii) loss, alteration, unauthorised disclosure of or access to the Data. |
| 8. | International Transfers of Data: |
| 8.1 | This Clause 8 and the relevant Standard Contractual Clauses, as modified by the UK Addendum where required by Applicable Data Protection Law, shall apply only with respect to Data transferred from or relating to residents of an Origin Jurisdiction to S&P Global Ratings and its affiliates in a Destination Jurisdiction. |
| 8.2 | S&P Global Ratings may process (or permit to be processed) any Data in any jurisdiction (including any Destination Jurisdiction) or receive and make Restricted Transfers in relation to any Data provided that it does so in accordance with Applicable Data Protection Law. |
| 8.3 | To the extent required under Applicable Data Protection Law, the relevant Standard Contractual Clauses (as set forth at https://www.spglobal.com/_assets/documents/ratings/scc_landing_page.pdf) shall: (i) apply, to the extent required by Applicable Data Protection Law, to Restricted Transfers by you (as Data Exporter) to S&P Global Ratings (as Data Importer); (ii) be deemed to be populated with your details as set out in the Agreement; (iii) be incorporated into and made a part of this Appendix; and (iv) be deemed to be executed by you executing the Agreement. |
| 8.4 | To the extent that the Controller-to-Controller Standard Contractual Clauses apply between S&P Global Ratings and you: |
| (a) | Where the Origin Jurisdiction is not within the European Economic Area, the Controller-to-Controller Standard Contractual Clauses shall be construed in light of the equivalent provisions of relevant Applicable Data Protection Law of the Origin Jurisdiction insofar as Applicable Data Protection Law requires, and in particular references within the Controller-to-Controller Standard Contractual Clauses: (i) to provisions of the GDPR shall be read as being references to any equivalent provisions in the Applicable Data Protection Law of the Origin Jurisdiction; (ii) to Member States and the Union shall be read as being references to the relevant Origin Jurisdiction; and (iii) to third countries shall be read as being references to the relevant Destination Jurisdiction, in each case as the context requires and (iv) shall be interpreted as modified by the UK Addendum where required by Applicable Data Protection Law; |
| (b) | Each party shall perform its obligations under the Standard Contractual Clauses at its own cost; and |
| (c) | If the Controller-to-Controller Standard Contractual Clauses are amended or replaced, the parties agree to take steps to put in place any amended or replacement version between them, as required by Applicable Data Protection Law. |
Ratings DPA (03/25)
S&P Global Ratings – Data Protection Appendix to Terms and Conditions
| 8.5 | To the extent permissible by law, the terms of the Agreement and this Appendix, including without limitation in relation to the parties’ liability to each other, shall also apply in relation to the Standard Contractual Clauses. |
| 9. | Survival: This Appendix shall survive termination or expiry of the Agreement. Upon termination or expiry of the Agreement, S&P Global Ratings may continue to process the Data, provided that such processing complies with the requirements of this Appendix and Applicable Data Protection Law. |
Ratings DPA (03/25)
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Moody’s Investors Service Singapore Pte. Ltd. 71 Robinson Road #05-01/02 Singapore, 068895 Singapore +65.6398.8300 tel www.moodys.com |
20th August 2026
HDFC Bank Limited, GIFT City Branch
2nd Floor, HDFC Bank House, Sandoz House,
Dr. Annie Besant Road, Worli, Mumbai 400018
For the Attention of: Kapil Bansal, Sr. Executive Vice President, Treasury
Re: Issue of up to USD1,750,000,000 Fixed Rate Senior Notes
Dear Sir/Madam,
At your request and based on the Offering Memorandum received on 17th August 2026, which we understand is in substantially final form, Moody’s Ratings (“Moody’s”) has assigned a Baa3 Rating with Stable outlook to the above referenced obligation.
Please refer to Moody’s Rating Symbols & Definitions, which is available at www.moodys.com, for the meaning of Moody’s rating(s).
Moody’s monitoring of the rating is dependent upon receipt of all relevant information, financial or otherwise, from the issuer or its agents. Failure to submit such information in a timely manner may result in the withdrawal of the rating.
In accordance with our usual policy, assigned ratings are subject to revision or withdrawal by Moody’s at any time, without notice, in the sole discretion of Moody’s. For the most current rating, please visit www.moodys.com.
Credit ratings issued by Moody’s are Moody’s current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities and are not statements of current or historical fact.
Moody’s credit ratings address credit risk only and do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility.
Moody’s credit ratings are not and do not provide investment advice or recommendations to purchase, sell, or hold particular securities. Moody’s issues its credit ratings with the expectation and understanding that each investor will make its own evaluation of each security that is under consideration for purchase, holding, or sale.
Moody’s adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody’s considers to be reliable including, when appropriate, independent third-party sources. However, Moody’s is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall Moody’s have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of Moody’s or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if Moody’s is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information.
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The assignment of a rating does not create a fiduciary relationship between Moody’s and you or between Moody’s and other recipients of the rating. Moody’s has not consented to and will not consent to being named as an “expert” under the applicable securities laws, including, without limitation, Section 7 of the Securities Act of 1933.
This letter is strictly confidential and you may not disclose it to any other person except: (i) to your legal counsel acting in their capacity as such; (ii) to your other authorized agents, acting in their capacity as such, that have entered into non-disclosure agreements with Moody’s in the form provided by Moody’s; (iii) as required by the law or regulation; or (iv) with the prior written consent of Moody’s, in which case Moody’s reserves the right to impose conditions upon such consent such as requiring that you only disclose this letter in its entirety and/or requiring any third party to enter into a non-disclosure agreement with Moody’s in the form provided by Moody’s.
Yours faithfully,
Moody’s Investors Service Singapore Pte. Limited
cc: LC, Rating Desk Services
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