Moodys Assigns Stable Outlook To Exim Bank

London, April 26 | Updated: Apr 27 2004, 05:30am hrs
Global credit rating agency Moodys on Monday assigned for the first time a stable outlook rating to Export-Import Bank of India, even as it factored pressure on interest margins for the Rs 15,520 crore bank.

Moodys has assigned for the first time a BAA3 foreign currency issuer rating and BA2/not-prime long and short-term foreign currency deposit rating to Exim Bank, the agency said in an official announcement here.

The rating took into account the Banks strong recurring profitability over the years despite recent pressure on its interest margins, it said.

The ratings have stable oulook and reflect Banks successful niche franchise that has been established through its role of supporting the integrated development of Indian exporters business as well as financing, facilitating and promoting the countrys international trade and investment, it said.

However, Moodys noted that Banks relatively high concentration to the industrial corporates, some of which were financial weak, leaving it vulnerable to a possible systemic downturn in the economy although such an eventuality was rather remote in the short to medium term.