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S&P ups Export-Import Bank of India to BB+
Standard & Poor's said it raised its long-term foreign currency issuer credit rating on the Export-Import Bank of India to BB+ from BB in tandem with the upgrade on the sovereign credit rating of India. The outlook is stable.
S&P said the issuer credit ratings on the bank, identical to the sovereign, reflect its importance as a public policy bank.
S&P said it believes that the principal source of risk for the bank is from the sovereign, due largely to the persistent high public sector deficits of the government of India.
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