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Published on 6/1/2007 in the Prospect News Emerging Markets Daily.

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

Standard & Poor's said it assigned its BBB- rating to Export-Import Bank of India's (BBB-/stable/A-3) ¥24 billion five-year floating-rate note issue, which represents the second senior unsecured debt to be issued under the bank's multi-currency $1 billion medium-term note 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 rating is the same as S&P's long-term credit ratings on the bank and the Republic of India, reflecting the bank's important public policy role. The agency said it expects the bank to remain an important instrument for the Indian government in its medium- to long-term export-development strategy.


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