Fitch gives Rural Electrification programs AAA(ind), F1+(ind)

Fitch Ratings said it assigned Rural Electrification Corp. Ltd.'s Rs. 130 billion long-term borrowing program a national rating of AAA(ind) and its short-term Rs. 30 billion debt program for FY2008-09 a national rating of F1+(ind).

At the same time, the agency said it has affirmed Rural Electrification's ratings for long-term foreign and local currency issuer default at BBB- and national long-term at AAA(ind).

The outlook is stable.

S&P noted that its long-term debt is affirmed at AAA(ind) and short-term debt/commercial paper at F1+(ind).

" Rural Electrification's ratings factor in the expectation of timely support from the government of India in the event of financial distress," said Salil Garg, associate director in Fitch's Asia-Pacific energy & utilities team.

© 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.