Fitch rates EXIM notes BBB-

Fitch Ratings said it assigned an expected rating of BBB- to Export-Import Bank of India's (EXIM) proposed dollar-denominated senior notes.

The notes will constitute EXIM's direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu among themselves and with all of its other unsubordinated and unsecured obligations, Fitch said.

The senior unsecured notes are rated at the same level as EXIM's issuer default rating, the agency said.

EXIM's issuer default rating is driven by its support rating floor and is equated with the Indian sovereign, Fitch added.

This is due to an expectation of a high propensity of extraordinary state support for EXIM, which stems from its policy role and strong government linkages, the agency said.

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