Fitch rates EXIM notes BBB-

Fitch Ratings said it affirmed Export-Import Bank of India (EXIM)'s long-term issuer default rating at BBB-.

The outlook is stable.

Fitch also said it assigned a BBB- rating to EXIM's $10 billion global medium-term note program and the tranches of senior unsecured notes outstanding under the program.

The bank also has an affirmed short-term issuer default rating at F3.

EXIM's issuer default rating is equalized with that of the Indian sovereign, Fitch said.

There is an expectation of extraordinary state support, should EXIM need it, the agency explained.

This is due to EXIM's policy role in developing India's foreign trade and strong government linkages, which are evident from the government's strong control over EXIM, Fitch said.

This view is further underpinned by the government's track record of support to EXIM, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.