Fitch rates Nomura Fixed Income program F1+(ind)

Fitch Ratings said it assigned Nomura Fixed Income Securities Pvt. Ltd. and its proposed Rs. 5 billion commercial paper program a national short-term rating of F1+(ind).

The ratings reflect an expectation of support from its ultimate parent, Nomura Holdings Inc., Fitch said.

The ratings also are supported by its sufficient liquidity, along with operational and management oversight from Nomura Holdings group companies, the agency said.

The company's profitability is highly dependent on its ability to manage interest rate volatility, Fitch added.

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