Fitch rates National Housing Bank debt AAA(ind)

Fitch Ratings said it assigned national long-term ratings of AAA(ind) to National Housing Bank's Rs. 55 billion bank loan program and Rs. 40 billion subordinated debt program, along with a national short-term rating of F1+(ind) to its Rs. 25 billion bank loan program and a national deposit rating of AAA(ind) to its Rs. 10 billion fixed-deposit program. The agency also affirmed the AAA(ind) rating on its existing Rs. 57.6 billion long-term debt program and the short-term F1+(ind) of its Rs. 20 billion commercial paper program.

The outlook is stable.

The ratings draw substantial comfort from the ownership structure of the bank and its role as the regulator of housing finance companies, Fitch said. The bank's developmental role in sectors of social importance such as rural housing is likely to ensure continued support by its parent, Reserve Bank of India.

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