Fitch rates ETHL Communications 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 Rs.22.5 billion due July 22, 2011 and zero-coupon series B debentures of Rs.22.5 billion due Dec. 7, 2011.

The outlook is stable.

The ratings are contingent upon receipt of final documents.

The debentures issued by the company are backed by receivables under the novated onshore underwritten put option agreement for its 10.97% stake in Vodafone Essar Ltd., Fitch said.

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