Fitch affirms National Housing Bank

Fitch Ratings said it affirmed National Housing Bank's national ratings at long-term rating of AAA(ind), short-term rating of F1+(ind), Rs.55 billion long-term bank loan program at AAA(ind), Rs.112.6 billion long-term debt program at AAA(ind), Rs.20 billion commercial paper program at F1+(ind) and Rs.25 billion short-term bank loan program at F1+(ind). The long-term deposit rating on its Rs.10 billion fixed-deposit program is affirmed at tAAA(ind).

The outlook is stable.

The ratings are driven by expected strong support from the government of India given the bank's developmental role in the socially and politically important sector of rural housing, Fitch said. The agency said the bank's standalone financials would not merit the highest national long-term rating otherwise.

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