Fitch affirms Hudco

Fitch Ratings said it affirmed Housing & Urban Development Corp. Ltd.'s (Hudco) long-term foreign-currency issuer default rating at BB+, short-term foreign-currency rating at B, national long-term rating at AA(ind), and support rating at 3. The support rating floor remains unchanged at BB+. Fitch also said it assigned a national short-term rating of F1+(ind).

The outlook is stable.

The ratings reflect the expectation of continued support from the government of India, given Hudco's public policy role in financing urban infrastructure and low-cost housing, Fitch said.

The ratings also reflect its weak performance compared with the best Indian credits, the agency added.

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