Fitch Ratings has affirmed the ratings of Export-Import Bank of India (EXIM) and Housing and Urban Development Corporation  (HUDCO) at 'BBB-'. The outlooks on the ratings of the two institutions are stable.

The ratings of EXIM and HUDCO are equalised with the Indian sovereign's rating (BBB-/stable) to reflect the policy role that the two institutions have in export financing and social infrastructure, respectively. EXIM and HUDCO benefit from various forms of support from the government, which underpins their current ratings.

EXIM provides financing to companies to promote India's exports via penetration into new markets and the development of export generation capabilities in the country. HUDCO provides financing for lower-income home buyers and for urban infrastructure projects. EXIM and HUDCO are the only financing and development agencies in their respective core policy areas, which underpins their importance to the Indian government.