Fitch rates Nomura AAA(ind)

Fitch Ratings said it assigned Nomura Capital (India) Pvt. Ltd. a national long-term rating of AAA(ind), along with an expected national rating of AAA(emr)(ind) to its Rs. 5 billion 100% principal-protected equity-linked notes and an F1+(ind) rating on its Rs. 5 billion commercial paper program.

The outlook is stable.

The ratings are based on an expectation of potential support from its ultimate parent - Nomura Holdings Inc., Fitch said.

The company's risk management and treasury operations are aligned with the Nomura Group's global practices with appropriate provisions for local regulatory norms, the agency said.

Consequently, as a part of the group's liquidity policy, Nomura Capital is exploring avenues for sufficient back-up liquidity for all its borrowings maturing within one year, Fitch said.

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