The Hindu Business Line : Exim Bank gets BBB from Japan agency

EXIM Bank has obtained `BBB' sovereign credit rating from Japan Credit Rating Agency Ltd (JCRA) for its foreign currency long-term debts, according to a release from Exim Bank.

The rating `BBB' (flat) is one notch above the minimum investment grade rating (BBB-) (minus) given by JCRA. In 2004, Moody's had conferred `Issuer Rating Baa3 - Investment grade' rating for Exim Bank's long-term debt.

Issue of Samurai bond in Japanese capital markets is one of the alternatives Exim Bank is exploring for raising foreign currency resources in the current financial year.

The bank raises foreign currency resources by way of bilateral or club or syndicated loans and by issue of international bonds/notes. During 2004-05, Exim Bank raised $300 million by way of foreign currency bonds and notes and $200 million through syndicated and club loans.

As on March 31, 2005, Exim Bank's foreign currency resources with maturity ranging from one year to 24 years stood at $1.4 billion. The bank's current loan assets portfolio includes 43 per cent in foreign currencies.

Exim Bank is also diversifying its rupee resource base by relaunching its term deposit (TD) scheme. The bank accepts TDs for tenors ranging from one year to five years and offers 0.5 per cent additional interest for senior citizens, the release said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
NSDL eyes record-keeping agency role for pensions

Economy can absorb petro-price shock

Rupee declines; securities flat

PNB opens ATM at Edappal

Karnataka Bank's 46th ATM at Udupi

HDFC plans listing of BPO venture

Exim Bank gets BBB from Japan agency

Crisil to weigh banks' exposure to commodities

IOB sees Rs 70-cr fee-based income — Ties up with Chola MF

Chidambaram sees no change in interest rates

Nabard hikes rates on capital gains bonds

RBI to raise Rs 2,500 cr under MSS