Bangkok--4 Jun--Standard & Poor's
Standard & Poor's Ratings Services today assigned its 'BBB-' rating to Export-Import Bank of India's (India EXIM; BBB-/Stable/A-3) JPY24 billion five-year floating-rate note issue, which represents the second senior unsecured debt to be issued under EXIM's multi-currency US$1 billion MTN program.
The current issuance constitutes the direct, unconditional, unsubordinated, and unsecured obligations of the bank and will rank pari passu with all of the bank's unsecured and unsubordinated obligations.
Issue ratings on future debt issued under the MTN program may not necessarily be the same as those stated above, given that terms and conditions of such issues need to be factored into specific issue ratings. Any material change to the terms and conditions of future note issues, such as subordination, could affect the rating on the particular issue.
The issuance has been approved by the Reserve Bank of India and the net proceeds of the JPY24 billion issue are expected be used to fund India EXIM's financing programs, subject to regulatory approval.
The rating assigned to the program's senior unsecured debt is the same as Standard & Poor's long-term credit ratings on India EXIM and the Republic of India, reflecting the bank's important public policy role. Standard & Poor's expects India EXIM to remain an important instrument for the Indian government in its medium- to long-term export-development strategy. Standard & Poor's believes this public policy role will not be changed over the medium term; however, if there is a change in government policy that adversely alters India EXIM's policy role, the credit ratings on the bank could be affected.
Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com . All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com ; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search.
Media Contact:
David Wargin, New York (212) 438-1579
[email protected]
Analyst Contacts:
Sani Hamid, Singapore (65) 6239-6346
Ritesh Maheshwari, Singapore (65) 6239-6308