Fitch rates Kerala Infrastructure notes BB

Fitch Ratings said assigned an expected rating of BB to Kerala Infrastructure Investment Fund Board's proposed senior unsecured notes.

The proposed notes will be issued under the company's BB-rated Rs.50 billion medium-term note program.

The notes may be denominated in Indian rupees or any other currency, Fitch said.

The proceeds will be used for its infrastructure project-related activities and other general corporate purposes, the agency said.

The notes under the program will be issued by the company directly and will be unconditionally and irrevocably guaranteed by the Indian state of Kerala, Fitch said.

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