Fitch rates ETHL debentures AAA(ind)

Fitch Ratings said it assigned final ratings of AAA(ind)(SO) with a stable outlook to the following instruments issued by ETHL Communications Holdings Ltd.:

• Zero-coupon series A debentures of Rs. 21.15 billion due July 22, 2011; and

• Zero-coupon series B debentures of Rs. 21.15 billion Dec. 7, 2011.

The agency said that the final ratings address the timely repayment of the debentures in accordance with the transaction documents.

In addition to these debentures, the structure allows the issuer to raise money through follow-on issues, although no further issuances are likely to take place as the company has raised funds nearing the cap through the current issuance, Fitch said.

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