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Fitch affirms Export-Import Bank of India
Fitch Ratings said it affirmed Export-Import Bank of India's long-term issuer default rating at BBB-, short-term issuer default rating at F3 and national long-term rating at AAA(ind).
The agency also said it affirmed ¥24 billion senior unsecured notes at BBB-, domestic deposit program at AAA(ind) and Rs. 47 billion bank loans at AAA(ind).
The ratings are equal with the Indian sovereign, given its role in supporting the government's foreign trade policies and 100% ownership by the government, Fitch said.
Established under an act of parliament to finance and facilitate India's foreign trade, the bank routes long-term lines of credit to emerging economies on behalf of the Indian government to facilitate Indian exports to these countries, the agency said.
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