S&P gives BB to Kerala Infrastructure bonds

S&P said it assigned its BB long-term issue rating to a proposed drawdown of senior unsecured rupee-denominated offshore bonds (masala bonds) under a Rs. 50 billion medium-term note program of Kerala Infrastructure Investment Fund Board (BB/stable/B).

“We equalize the ratings on the bonds with the long-term foreign currency issuer credit rating on the guarantor, the Indian state of Kerala (BB/stable/B),” S&P said in a news release.

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