Fitch rates Export Development Bank of Iran long-term BB-

Fitch Ratings said it has assigned Export Development Bank of Iran ratings of long-term BB-, short-term B, individual D and support 3.

The long-term outlook is stable.

The bank's ratings are in line with the sovereign ratings of Iran and reflect potential support from the Iranian authorities, Fitch said.

The bank is wholly owned by the Iranian government and occupies a key role in promoting Iran's non-oil exports and fostering diversification of the Iranian economy, Fitch said. As such, it is likely that the bank would be supported by the Iranian government in case of need.

However, Fitch said the ability of the Iranian authorities to support could be limited, as indicated by the sovereign long-term foreign currency rating of BB-.

The bank's individual rating reflects its leading position in financing Iran's non-oil exports, its sound profitability and strong capital ratios, but also its relatively weak asset quality and the difficult operating environment, Fitch said.

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