Fitch rates Navi Mumbai Municipal

Fitch Ratings said it assigned a national long-term issuer rating of AA(ind) to Navi Mumbai Municipal Corp.

The outlook is stable.

The rating reflects the company's excellent coverage levels in the provision of civic services, its track record of successfully engaging with the private sector in the execution of several projects, the city's strong economic profile, negligible contribution of grants from Government of Maharashtra to its revenue income and its proximity to the city of Mumbai, Fitch said.

The outlook reflects Fitch's expectation that the company will continue to generate revenue surplus and successfully implement projects envisaged under the Jawaharlal Nehru National Urban Renewal Mission, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.