S&P gives EXIM India notes BBB-

Standard & Poor's said it assigned its BBB- long-term issue rating to a proposed issue of senior unsecured notes by Export-Import Bank of India (EXIM India; BBB-/stable/A-3) under its $6 billion medium-term notes program.

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 EXIM India. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank.

EXIM India intends to use proceeds for certain eligible transportation and renewable energy (green) projects. However, the bank intends to pay the principal and interest on the notes from its general funds, and the payments will not be directly linked to the performance of these projects.

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