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S&P rates Export-Import Bank of India bond BB+
Standard & Poor's said it assigned its BB+ senior unsecured long-term foreign currency debt rating to the Export-Import Bank of India's (BB+/positive/B) proposed ¥20 billion second series samurai bond due 2011.
The agency said that the issuer credit ratings on India EXIM, which are identical to the sovereign, reflect its importance as a public policy bank.
The principal source of risk for India EXIM relates to its sovereign host and particularly the persistent high public sector deficits of the government of India (BB+/positive/B), the agency noted.
S&P said that the ratings also incorporate government ownership of and support for India EXIM and reflect the bank's stand-alone credit features of a record of profitability and solid capitalization.
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