Fitch gives National Housing Bank program AAA(ind)

Fitch Ratings said it assigned an AAA(ind) rating to National Housing Bank's Rs. 100 billion long-term debt program, and affirmed its national long-term rating at AAA(ind), national short-term rating at F1+(ind), long-term debt program of Rs. 127.6 billion at AAA(ind), long-term bank loan program of Rs. 25 billion at AAA(ind), short-term bank loan program of Rs. 25 billion at F1+(ind) and long-term deposit rating on Rs. 10 billion fixed-deposit program at tAAA(ind).

The outlook is stable.

The ratings are underpinned by the Government of India's support given the bank's developmental role in the housing finance sector, Fitch said, as well as the ownership of the India through the Reserve Bank of India.

While the bank reported good asset quality and improving profitability, the ratings are driven by the expectation of timely support from the government, the agency said, and may be affected if its strategic importance to the government were to diminish.

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