Fitch: Hudco bonds AA+(ind)

Fitch Ratings said it assigned an AA+(ind) rating to Housing and Urban Development Corp. Ltd.'s (Hudco) proposed domestic bond issuances.

The agency also said it affirmed its long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3, national long-term rating at AA+(ind), national short-term rating at F1+(ind), Rs. 60 billion domestic bonds at AA+(ind), Rs. 80 billion bank loans at AA+(ind), Rs. 90 billion domestic bonds at AA+(ind), Rs. 15 billion short-term debt at F1+(ind) and Rs. 23.5 billion domestic bonds issued under a letter of comfort from the government at AAA(ind)(SO) and domestic term deposit rating at tAA+(ind).

The outlook is stable.

The ratings reflect expectations of continued government support for Hudco's role in implementing the government's policies for urban infrastructure and low-cost housing, Fitch said, as well as the company's strong operational linkages with the sovereign given its 100% ownership by the government.

The government appoints the executive chairman at Hudco and influences its strategy, the agency said.

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