Fitch rates Karnataka State bond AA-(ind)

Fitch Ratings said it assigned a final rating of AA-(ind)(SO) to Karnataka State Financial Corp.'s Rs.1 billion bond issue - 2009 and affirmed its Rs.3 billion bond issue - 2006 at AA-(ind)(SO).

The outlook is stable.

The ratings are closely linked to the credit profile of the state government of Karnataka, which has extended unconditional and irrevocable guarantees for both issues, Fitch said.

The ratings derive additional strength from the structured payment mechanisms, Fitch said.

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