Fitch rates Muthoot notes BB

Fitch Ratings said it gave Muthoot Finance Ltd.’s planned fixed-rate dollar-denominated senior secured bonds an expected BB rating.

The rating matches the rating on MFL’s $2 billion senior secured medium-term note program.

The bonds will be secured by collateral that includes specified assets and receivables of the issuer. The notes are also subject to maintenance covenants that require MFL to meet regulatory capital requirements and ensure its security coverage ratio is equal to or greater than 1x at all times.

The outlook is stable.

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