Fitch rates Water and Sanitation Pond fund bonds AA(ind)

Fitch Ratings said it assigned an expected rating of AA(ind)(SO) to India's Water and Sanitation Pooled Fund's pooled finance development fund enhanced bonds issue II-2009 for an amount of Rs. 831.9 million. The agency also said it affirmed the fund's existing Rs. 67 million pooled finance development fund enhanced issue I-2007 and Rs. 304.1 million series I-2002 bonds at AA(ind)(SO).

The fund is the state-level pooled finance entity designated by the government of Tamil Nadu to raise tax-free bonds under the guidelines of the fund scheme, Fitch said. The scheme is designed to encourage small and medium urban local bodies to raise funds from the market through a pooled finance framework for the funding of basic urban infrastructure projects, the agency said.

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