Fitch affirms Highways Authority of India

Fitch Ratings said it affirmed the national long-term issuer rating of AAA(ind) assigned to National Highways Authority of India, along with the AAA(ind) national rating of its Rs. 80 billion long-term debt program.

The outlook is stable.

The authority's ratings reflect its legal status as a statutory body constituted by an act of Parliament in India, its operational status as the sole implementing agency for the country's National Highway Development Project and the support it enjoys from the government of India through grants and budgetary allocation of fuel cess, Fitch said.

Fitch noted that the authority is one of two institutions in the country that is allowed to raise bonds under Section 54EC of the Income Tax Act. Fitch said it believes that its position as the sole agency for the implementation of the crucial highway development project and the support it enjoys from the government makes it an extended arm of the Indian government.

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