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S&P gives Export-Import Bank of India bond BB+
Standard & Poor's said it assigned its BB+ foreign currency debt rating to the Export-Import Bank of India's (foreign currency BB+/stable/B, local currency BB+/stable/B) proposed ¥20 billion fixed-rate Samurai bond due 2011.
The agency noted the bank is fully owned and controlled by the government of India (foreign currency BB+/stable/B, local currency BB+/stable/B).
"In light of the bank's public policy role and the track record of strong support from the Indian government, S&P said it equalizes its ratings on India EXIM with those on the sovereign," said S&P credit analyst Agost Benard.
S&P added it believes the main risk for the bank is the sovereign risk, due largely to the persistently high public-sector deficits of the government of India.
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