Moody's affirms EXIM Bank's Baa3 rating, upgrades baseline credit assessment
This story was originally published at 18:35 IST on 24 June 2026
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--Moody's affirms EXIM India's Baa3 rating
--Moody's upgrades EXIM India's baseline credit assessment to ba1 from ba2
MUMBAI – Moody's Ratings has affirmed Export Import Bank of India's "Baa3" rating and upgraded its baseline credit assessment to "ba1" from "ba2", the rating agency said in a release Wednesday. "EXIM India's Baa3 deposit rating is underpinned by our assumption of a 'government-backed' level of support from the Government of India (Baa3 stable) in times of need, which results in one notch of uplift above the bank's ba1 BCA (baseline credit assessment)," the agency said.
As of Mar. 31, the bank's gross non-performing assets ratio had declined to 0.6% from 1.7% a year ago, and its provision coverage ratio remained adequate at 100%. "We expect the uncertain global macroenvironment to result in some delinquencies in its commercial business, which accounted for 63% of its loans as of March 2026," the agency said.
An upgrade of EXIM Bank's long-term deposit rating is unlikely because it is at the same level as the sovereign rating, the agency said. "We could downgrade EXIM India's ratings if India's sovereign rating is downgraded," it said. But the organisation's baseline credit assessment could be upgraded if it maintains profitability above 1%, alongside good asset quality and sustaining a tangible common equity and risk weighted assets ratio above 25%, the agency said. The rating could be downgraded if the asset quality of the bank deteriorates significantly, eroding its profitability and capital. End
Reported by J. Navya Sruthi
Edited by Rajeev Pai
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