Fitch rates Hexim bond BBB

Fitch Ratings said it assigned Hungarian Export-Import Bank plc’s (Hexim) upcoming dollar-denominated five-year senior unsecured notes a BBB long-term rating.

“The issue's long-term rating is in line with Hexim's BBB long-term issuer default rating (IDR), as the notes will rank pari passu with all other unsecured and unsubordinated obligations of the issuer, for which we expect average recoveries upon default, and will benefit from a direct statutory guarantee by the Hungarian state relating to Hexim's funding activities (funding guarantee), which is provided under Hungarian law,” Fitch said in a press release.

The bank will use the proceeds to repay its short-term bank borrowing, facility agreement, and for general purposes.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.