Fitch Ratings has given a BBB-(EXP) expected rating to Export-Import Bank of India's proposed senior unsecured notes, according to a recent release.

The notes' rating is equivalent to the bank's issuer default rating, while the bank's rating and outlook are in line with India's sovereign rating.

The bank's rating stems from a "bbb-" government support rating, reflecting Fitch's belief in a high potential of extraordinary government support for the bank in case of need.

The bank has a high strategic role for the state given its long-term policy role, policy institution status, whole state ownership, and the major protection for creditors, Fitch said.

Changes in the bank's rating will lead to similar movements in the proposed notes' rating, according to Fitch.