Fitch affirms Shillong

Fitch Ratings said it affirmed Shillong Municipal Board's national long-term rating at B+(ind).

The outlook is stable.

The rating is constrained by the board's consistently increasing revenue deficit, lack of autonomy and feeble cost recovery, Fitch said.

The agency said it observes the general slackness in provision of adequate services has been due to various factors ranging from lack of autonomy to financial constraints and capacity issues.

The reform process prescribed under the Jawaharlal Nehru National Urban Renewal Mission has been initiated, Fitch said, but the board needs to convert those efforts into completion targets.

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