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.

The ratings are equalized with the Indian sovereign's issuer default rating, Fitch said.

The ratings also reflect an expectation of the state's high propensity and ability to provide extraordinary support to the bank due to its policy role and strong government linkages, the agency said.

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