Fitch rates ETHL debt AAA(ind)

Fitch Ratings said it assigned expected ratings of AAA(ind)(SO) to ETHL Communications Holdings Ltd.'s zero-coupon series A debentures of up to Rs. 22.5 billion due July 22, 2011 and zero-coupon series B debentures of up to Rs. 22.5 billion due Dec. 7, 2011. The ratings are contingent upon receipt of final documents.

The outlook is stable.

The ratings are restricted to this specific proposed issuance and do not cover any follow-on issues that may take place, Fitch said.

The agency said it believes the transaction carries potential legal and regulatory risks given its complexity, trans-jurisdictional nature and differing interpretations of laws and regulations in India.

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