Moody's gives EXIM India notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the proposed dollar-denominated benchmark size senior unsecured notes to be issued by Export-Import Bank of India (Baa3 stable).

The proposed notes, to be issued through the bank's head office in India under its $6 billion medium-term note program, will have a 51/2-year maturity and will be listed on the Singapore Exchange.

The outlook is stable.

Moody's said the Baa3 rating reflects (a) the status of the proposed notes as senior unsecured obligations of the bank; (n) EXIM India's baseline credit assessment of ba2; and (c) Moody's assessment of the bank's very high dependence on, and the high probability of support from, the Government of India (Baa3 stable).

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