S&P affirms Indian Railway

S&P said it affirmed its BBB- long-term issuer credit ratings on Indian Railway Finance Corp.

The outlook is stable.

The agency affirmed the BBB- long-term issue rating on the company's senior unsecured notes.

The stable outlook on Indian Railway mirrors the outlook on the sovereign credit rating on India, S&P said.

“It reflects our assessment of an almost certain likelihood of extraordinary government support for IRFC in the event of financial distress,” the agency said in a news release.

“We believe IRFC will continue to play a critical role in the Indian government's economic development plans and policies notwithstanding the government's plan to sell a minority stake.”

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