Fitch: North Karnataka Expressways notes AAA(ind)

Fitch Ratings said it assigned North Karnataka Expressways Ltd.'s Rs. 4.64 billion secured, listed, taxable, redeemable zero-coupon non-convertible debentures a final national long-term rating of AAA(ind)(SO).

The outlook is stable.

The company is a special purpose vehicle, promoted by IL&FS Transportation Networks Ltd., to implement a lane expansion project, Fitch said.

The final ratings follow the receipt and review of transaction documents conforming to information already received. The final ratings are the same as the expected ratings assigned in December 2010.

The company has a fixed-price major maintenance contract with Punj Lloyd Ltd., the agency said.

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