Fitch affirms Pune

Fitch Ratings said it affirmed Pune Municipal Corp.'s national long-term rating at AA-(ind).

The outlook remains stable.

The affirmation reflects its moderately strong financial performance over 2008 through 2009, notwithstanding octroi collection declining 5% year-over-year in 2009 given the economic slowdown, Fitch said.

The agency also said it is concerned that almost all of Pune's projects are running behind schedule with delays ranging from nine months to 25 months.

© 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.