Fitch rates Sangli, Miraj and Kupwad Municipal bond A-(ind)

Fitch Ratings said it assigned an expected national long-term rating of A-(ind) to the Rs.310 million long-term bond program of Sangli, Miraj and Kupwad Municipal Corp. The final rating is contingent upon receipt of final documents.

The outlook is stable.

The rating reflects the city's stable growth in tax revenue, low dependence on government grants and reasonable budgetary performance, Fitch said, adding that it expects increasing debt burden to remain manageable. The rating benefits from a credit enhancement in the form of the proposed structured collateral agreement between the trustees to the bondholders, the agency added.

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