S&P revises outlook on 4 Indian GREs to stable

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India EXIM is the country's official export credit agency, which supports the government's export strategy and policies on foreign trade and investment. The bank is 100% owned and controlled by the government. Standard & Poor's expects India EXIM's public policy role to remain intact in the medium term, as the Indian government is likely to remain committed to increasing the role of the export sector in its economy.

PFC is the primary government agency for financing the electricity sector in India. The agency is also the largest lender to most state government-owned electricity utilities, which generate about 70% of electricity in India and are the country's main electricity distribution and retail agencies.

The ratings on IRFC reflect its integral relationship with the government of India, as IRFC is the only agency that provides market funding for Indian Railways' purchase of rolling stock. IRFC also provides loans to other Ministry of Railways agencies on a small scale.

IIFCL is the nodal agency for the government of India to promote long-term financing of the infrastructure sector. The ratings on IIFCL benefit from the support received from its sole owner, the government of India, in several forms, including the use of government guarantees and capital injections. Currently, all its borrowings are guaranteed by the government.

Related criteria and research

"Enhanced Methodology And Assumptions For Rating Government-Related Entities," published June 29, 2009.