Fitch Ratings has affirmed long- term default rating of 'BBB-' on Exim Bank due to strong government support, suggesting the lender is at lower risk currently with adequate repayment capacity. "Fitch Ratings has affirmed Export-Import Bank of India (Exim)'s long-term issuer default rating at 'BBB-'.
The outlook is stable," it said. Similar rating has been assigned to Exim Bank's USD 10 billion global medium-term note programme. The rating (BBB-/stable) is equivalent to that of the Indian sovereign, reflective of high probability of extraordinary state support, Fitch said. "This expectation stems from Exim's policy role in developing India's foreign trade and strong government linkages, which are evident from government's strong control over Exim. This view is further underpinned by the government's track record of support to Exim". The stable outlook on the rating mirrors the rating on the sovereign, the agency said.
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