Moody's rates Exim-Bank bonds Baa3

Moody's Investors Service said it assigned a Baa3 rating to the senior unsecured bonds that will be issued by Export-Import Bank of India (Exim-Bank) under its $1 billion medium-term note program.

The outlook is stable.

The bonds will have five-year maturity and will be listed on the Singapore stock exchange. The exact amount of the issuance has yet to be decided.

The rating reflects the status of the notes as senior unsecured obligations of the bank, Moody's said.

The bank would require additional Reserve Bank of India approval to issue subordinated and hybrid securities, the agency said.

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