Fitch affirms Agartala

Fitch Ratings said it affirmed Agartala Municipal Council's national long-term rating at BB-(ind).

The outlook is stable.

The rating is underpinned by the council's weak institutional and technical capabilities, moderate service delivery and moderate financial performance, Fitch said.

Although it is executing Rs. 1.97 billion in projects under the Jawaharlal Nehru National Urban Renewal Mission program, its zero-debt status remained unchanged as the entire capital investment will be borne by the federal and state governments, the agency said.

However, the council has to bear the operation and maintenance expenses, Fitch said, and this will have a significant impact on its financial situation.

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