S&P rates Export-Import Bank of India floaters BBB-

Standard & Poor's said it assigned its BBB- rating to Export-Import Bank of India's (BBB-/stable/A-3) proposed $50 million five-year floating-rate note issue, which will represent the first senior unsecured debt to be issued under the bank's multi-currency $1 billion MTN program.

The current issuance constitutes the direct, unconditional, unsubordinated and unsecured obligations of the bank and will rank pari passu with all of the bank's unsecured and unsubordinated obligations, the agency said.

S&P noted that issue ratings on future debt issued under the MTN program may not necessarily be the same as those stated above, given that terms and conditions of such issues need to be factored into specific issue ratings.

The rating assigned to the program's senior unsecured debt is the same as S&P's long-term credit ratings on Export-Import Bank of India and the Republic of India, reflecting the bank's important public policy role.

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