Fitch affirms Exim Bank's BBB- rating

Mumbai: Global rating agency Fitch Ratings on Tuesday affirmed the Exim Bank's long-term rating at 'BBB-' with a stable outlook, citing the government support to the developmental institution.

The rating is on a par with the sovereign rating. "We view that the Exim Bank will benefit from timely state support due to its unique policy role, strong government linkages and 100 percent ownership," the rating agency said in a note.

The government injected regular Rs 5,000 crore capital into the bank in the year to March 2019.

It has budgeted an additional Rs 1,500 crore of fresh equity to be injected in FY20.